Future: Payables allows invoice entry and accounting in a Future period. Payables does not allow payment entry or payment voiding in a Future period. Payables allows you to limit the number of Future periods based on the number you enter in the Future Periods field in the Financials Options window. After you change the status of a Future period to Open, you cannot change it back to Future.
Open: You can record transactions and account for them in an Open period. You cannot open a period if it is an adjusting period. You define adjusting periods using the Define Calendar window. Adjusting periods can have overlapping dates.
Closed: Payables does not allow transaction processing in a Closed period. You can reopen a Closed period if the corresponding general ledger and purchasing periods are also Open. You cannot close a period in which any of the following conditions exist:
• Outstanding payment batches.
• Future dated payments for which the Maturity Date is within the period but that still have a status of Issued.
• Unaccounted transactions.
• Accounted transactions that have not been transferred to general ledger.
Permanently Closed. Payables does not allow transaction processing in a Permanently Closed period. You cannot reopen a Permanently Closed period.
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