Posting adjustments following execution of a period-end closing process
AssigneeMicrosoft Corporation
InventorsKimberly Nelson, Ronald Schulz, Donald Nelson, Brett Lindemann
Life of this patent
Estimating the term…
Abstract
An accounting system is disclosed that provides support for posting transactions into historical accounting periods, including periods that pre-date the most recent historical period. In one embodiment, when such a transaction has been posted, corresponding closing entries are generated in order to update at least one permanent account (e.g., a retained earnings account) and/or to bring a correct beginning balance forward for one or more balance sheet accounts. Other embodiments pertain to support for a specialized ability to reopen a closed fiscal period by reversing a period-end closing process.
Claims21
A computer-implemented method of processing a financial transaction posted into a historical period that is prior to the most recent historical period, the method comprising:
- receiving the transaction to be posted into a historical period that is prior to the most recent historical period;
- and
- facilitating an automatic update of a related record to reflect the transaction.
A computer-implemented accounting system that provides an ability to post transactions into a historical accounting period that is prior to the most recent historical period, wherein the historical accounting period is a period that has previously been subjected to a period-end closing process, the system comprising:
- an accounting component that enables a user to post a transaction into a historical period that is prior to the most recent historical period;
- and
- an updating component that accounts for said transaction by automatically generating at least one closing entry so as to support an updating of at least one related retained earnings account.
A computer-readable medium having computer-executable instructions for performing steps that include responding to a transaction posted into a historical period that is prior to the most recent historical period by generating at least one update selected from a set of updates that includes a closing entry to update a retained earnings account and a bringing of a correct balance forward to update a balance sheet account.
21-40. (canceled)
Dependencies are inferred from the claim text.