Roll forward accounts with different frequencies

Both Accounts and Periods have a set Frequency: Monthly, Quarterly, or Annually. The application considers the frequency of accounts and periods when rolling forward supporting items and adjustments.

  Note:   The frequency at which an account is reconciled is set in the Frequency field of the Accounts page

Based on the selected frequency, the application determines the applicable prior period using the Roll over workflows from period section. The system suggests default periods for convenience, but these can be adjusted as necessary:

• The Last monthly period field defaults to the last calendar month.

• The Last quarterly period field defaults to three months prior.

• The Last annually period field defaults to 12 months prior.

  Note:  For custom periods, users must manually select these fields.

  Tip:  Period rollover uses the Entity Start and End dates along with the Period Start and End dates to identify which entities can be included in the rollover. Only entities with dates that fit within the period’s start and end dates will be included. Entities with dates outside of this period will not be considered. Therefore, before rolling over to a new period, you must first add the necessary entities to the Entity master list. For more information on the entity master list, refer to Set up and manage entity master list.

Roll forward Monthly periods

When rolling forward a Monthly period, only Monthly accounts and their associated workflow tasks are carried into the new period.

1. Start by creating a new period. See Create a new period.

2. Ensure that you have the following settings in your new period:

   • In the Frequency field, select Monthly.

   • Roll over workflows from period: . The Last monthly period field defaults to the last calendar month. You may accept the default or adjust as necessary.

     

   • To roll forward reconciling items and workflow tasks, select Copy items & reconciling amounts. For more information, see Copying attachments and notes.

Roll forward Quarterly periods

When rolling forward a Quarterly period:

• Both Monthly and Quarterly accounts and their workflow tasks are copied into the new period.

• Quarterly accounts are copied from the previous quarterly period’s data.

1. Start by creating a new period. See Create a new period.

2. Ensure that you have the following settings in your new period:

   • In the Frequency field, select Quarterly.

   • Roll over workflows from period:

     • The Last monthly period field defaults to the last calendar month.

     • The Last quarterly period field defaults to the previous quarterly period.

       

   • To roll forward reconciling items and workflow tasks, select Copy items & reconciling amounts. For more information, see Copying attachments and notes.

Roll forward Annual periods

When rolling forward an Annual period:

• Monthly, Quarterly, and Annually reconciled accounts and their associated workflow tasks are all copied into the new period.

• The system references the previous annual period for annually reconciled accounts.

1. Start by creating a new period. See Create a new period.

2. Ensure that you have the following settings in your new period:

   • In the Frequency field, select Annually.

   • Roll over workflows from period:

     • The Last monthly period field defaults to the last calendar month.

     • The Last quarterly period field defaults to the previous quarterly period.

     • The Last annually period field defaults to the previous annually period.

       

   • To roll forward reconciling items and workflow tasks, select Copy items & reconciling amounts. For more information, see Copying attachments and notes.

Copying attachments and notes during a roll forward

When you select Copy reconciling items & amounts while creating a new period, all supporting items, attachments, and notes for the same account are copied into the new period.

If Copy reconciling items & amounts is not selected, the workflow tasks will still roll forward into the new period, but supporting items, adjustments, notes, and attachments will not be copied.

The Copy items & reconciling amounts option determines which items are rolled forward, based on the selected Frequency setting.

• If Frequency is Monthly:

  • Only accounts with a Monthly frequency will have their supporting items, tasks, attachments, and notes rolled forward.

• If Frequency is Quarterly:
  

  • Supporting items, tasks, attachments, and notes from Monthly accounts are rolled forward from the Last monthly period.

  • Supporting items, tasks, attachments, and notes from Quarterly accounts are rolled forward from the Last quarterly period.

• If Frequency is Annually:

  • Supporting items, tasks, attachments, and notes from Monthly accounts are rolled forward from the Last monthly period.

  • Supporting items, tasks, attachments, and notes from Quarterly accounts are rolled forward from the Last quarterly period.

  • Supporting items, tasks, attachments, and notes from Annual accounts are rolled forward from the Last annually period.