Accounting periods

Introduction

Use accounting periods to close for time tracking and creation of expenses, or to both close for registration and invoicing.

In this way you make sure that your financial reporting does not change, when time is tracked back in time or invoices made without you knowing about it.

When you close for registration and invoicing, an automatic value creation of time registrations on fixed price projects and fixed price tasks take place (if you do not use Revenue recognition). In this way, you can follow the estimated value on your fixed price projects.

Read more about the value calculation model for fixed price projects.

Description

In this page you close the accounting periods. Under Filter you select the year you want to see the accounting periods for.

In the table you see the created accounting periods. You can select to only close for registrations (time, expenses and travels), if you want to make sure that nothing is tracked while you do your invoicing. Once you have completed your invoicing, you can close the accounting period for invoicing, so no changes are made in the financial reporting, when suddenly new invoices are created or credited in a closed period. This cannot happen, if you close an accounting period.

A grey dot indicates that the accounting period is still open. The accounting period is closed by clicking the grey dot, and it will turn into a green checkmark instead. If you want to re-open the accounting period, you click the checkmark and the period is opened.

When closing an accounting period, TimeLog automatically does a value calculation (revenue recognition) of the time registrations made on fixed price projects and fixed price tasks in the closed period. This value calculation is only done on TimeLog installations that do not use the module Revenue recognition.

Special remarks

When you cloase an accounting period, revenue recognition is automatically made on your fixed price project. If you re-open an accounting period, TimeLog will automatically credit all vouchers that were booked on the fixed price projects.