AP Periods and Period Types

Oracle Payables provides you with the period types of Month , Quarter and Year. You can setup additional types if needed. Use these types when you define the Payables. The periods define the number of periods in the calender year.

The possible period statuses follow:

Never Opened : First Status of a New Period. Must be changed to Future or Open for transactions.
Future : Invoice entry allowed.
Open: All transactions allowed.
Closed: Transactions not allowed. Can be reopened.
Permanently Closed : Cannot be reopened.