You have completed the period-end activities and have set the receivables period to Close Pending.
Now you need to make further adjustments. What is the correct approach?
A.
The receivables accounting period can be re-opened when the period status is Close Pending, and
last minute adjustments can be made.
B.
Once the receivables accounting period is set to Close Pending, it can NOT be re-opened, and NO
further adjustments can be made.
C.
Adjustments can be made even if the receivables accounting period is set to Close Pending.
D.
Adjustments can be made anytime regardless of the receivables accounting period value.
Explanation:
status of periods:
Closed: Journal entry, posting, and transaction entry are not allowed unless the accounting period is
reopened. Receivables verifies that there are no unposted items in this period. Receivables does not
let you close a period that contains unposted items.
Close Pending: Similar to Closed, but does not validate for Unposted items. Journal entry, posting,
and transaction entry are not allowed unless the accounting period is reopened.
Future: This period is not yet open, but you can enter transactions in this period. However, you
cannot post in this period until you open it.
Not Opened: This period has never been opened and journal entry and posting are not allowed.
Open: Journal entry and posting are allowed.