The following accounting periods are displayed: current (open), next, Purchasing, and Accounts Receivable.

• The Current (Open) Accounting Period field is the period not yet closed. After running end-of-month processing, the current period is incremented by one. This feature prevents anyone from posting back to the closed period.
• When you log on to the Finance application, the value in the Current (Open) Accounting Period field is used as the default accounting period for posting.
• You cannot switch accounting periods (i.e., current or next) unless you have security access to do so. If the period is set to blank, no one can post any transactions.