Reporting periods

A reporting period is the period covered by a set of financial statements, usually a calendar month. Closing a reporting period locks all transactions in that period and ensures long-term report stability.

If you generate a report for a reporting period that is not closed, the data in the report may be inaccurate and unstable.

You close the reporting period when you complete reporting requirements after the billing run. For more information about closing reporting periods, see Close the reporting period.