Assign legal entities to accounting periods, and associate each billing transaction to a specific accounting period of a legal entity.
Required Editions
| Available in: Lightning Experience |
| Available in: Enterprise, Unlimited, and Developer Editions with the Revenue Cloud Advanced license or the Revenue Cloud Billing license |
| User Permissions Needed | |
|---|---|
| To create legal entity accounting periods: | Accounts Receivables Admin permission set |
Before you assign a legal entity to an accounting period, make sure that you create legal entities and accounting periods.
- From the App Launcher, find and select Legal Entity Accounting Periods.
- Click New.
- Select the legal entity that you want to assign to an accounting period.
-
Select Open as the status.
When you create legal entity accounting periods, the status can only be set to Open.
- Select an accounting period for the legal entity.
- Save your work.
The name of the Legal Entity Accounting Period record is automatically generated by combining the names of the legal entity and the accounting period. Legal Entity Accounting Period records appear in the Legal Entity Accounting Periods related list of the specified Accounting Period record.
To view the related billing transactions on Legal Entity Accounting Period records, add the billing transaction related lists to the Legal Entity Accounting Period page layout. For example, add the Invoices related list.
- Considerations and Result
Review the considerations for selecting a valid accounting period. Learn how legal entities assigned to accounting periods are automatically populated on the billing transactions.