How the 13th Period in Logos Accounting is defined, how it functions, and how it's used
In Logos Accounting, the 13th Period is used to set the last day of the fiscal year for adjusting entries.
Effectively, the value of any transaction entered and flagged as a 13th Period transaction will be spread throughout the whole year. For example, if an adjustment is made to an expense account as a 13th period adjustment, the expense for that transaction will be distributed throughout the entire fiscal year.
How to use the 13th Period Feature
Set up the option in Preferences
Mark this check box in File, Preferences, Settings, if you want to set the last day of the fiscal year as a 13th Period for adjusting entries.
If you do so, when entering GL Individual Transactions on that date, you will be given the option to flag the transaction for Period 13, blocking it from printing on reports for the 12th Period, and visa versa. All transactions entered on the last day of the fiscal that are not marked for the 13th Period are posted into the 12th Period. This includes all Accounts Payable and Payroll transactions, GL Recurring Transactions, Imported items, and Bank Charges entered in the Bank Reconciliation routine. This setting can be changed at any time.
Use the feature when entering transactions:
- The date must be entered on EVERY TRANSACTION you want to post in the 13th Period.
- You must always TAB out of the date field for each transaction where you enter the date as the last day of the fiscal year, when the flag is set, you will be prompted as shown below.
- Answer Yes to the prompt for those line items you want to post in the 13th Period.