Financial period (SAP Business One)

In SAP Business One, the term Financial period through the function of the Posting periods pictured.
These form the time structure for financial accounting and are used to correctly record, process and analyse business transactions.

Versino Financial Suite

the Versino Financial Suite automates period-based postings, improves the overview and evaluation of financial periods in the central cockpit and supports efficient closing processes. Extensive filters, drill-down functions and GoBD-compliant documentation significantly increase transparency, efficiency and legal certainty when dealing with posting periods in SAP Business One.

E-invoicing in Germany: How to implement the obligation with SAP Business One

Creation of posting periods

The posting periods are shown under Administration > System initialisation > Booking periods created.
Among other things, the period code, the period name, the start and end date and the number of periods per financial year must be defined.
SAP Business One also enables the transfer of due dates to the following year, for example for invoices with payment terms beyond the end of the year.

Status of the periods

Booking periods can have different statuses: open, blocked or inactive. This is used to control the periods in which postings are permitted. Blocking closed periods prevents subsequent changes.

Document and posting date

In SAP Business One, a distinction is made between Document date and Booking date differentiated.

The voucher date is the date stated on the voucher and is relevant for tax purposes.
The posting date determines the posting period in which the transaction is processed.

The due date of payments can be calculated on the basis of both date fields.

Period-end closing

Various accounting activities are carried out at the end of a posting period.
These can be carried out on a monthly or quarterly basis and include closing entries and audits.

Reports with period reference

Many financial reports in SAP Business One are period-specific.
These include:

balance sheet
Profit and Loss Account
Cash flow report
Sum balance
Comparative reports over several financial years

The period is selected directly in the report selection window.

asset accounting

In asset accounting Depreciation carried out periodically.
The calculation is based on the values stored in the asset master record and can be started automatically for individual periods.

Turn of the year

The year change includes the creation of new posting periods and the blocking or closing of the previous year's periods.
Proper administration is a prerequisite for the correct continuation of accounting in the following year.

System background

The SAP Business One system architecture contains the view FPR Finance Period,
which indicates that financial periods are also managed as a system-side entity.
However, the central concept for the timing of financial data remains the posting period.