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What is the meaning of the source Last Day of Current Period in Subledger Accounting?

in Subledger Accounting & Accounting Hub 3 comments

Summary:

Hi experts

We are building a custom subledger application, and the applicaiton could send backdated transactions. For example, we are in June 2nd and the application would send transactions with date May 31st.

We would like to book these transactions to May 31st if May Period is open, or June 1st if May Period is closed.

I found its possible to create a user defined formula to give the accounting date to the Journal Entry Rule set. But the formula would depend on a source called "Last Day of Current Period". My question is, what is "Current Period" assuming both May and June would be open? And following that, which would be "Next Accounting Period", June or July?

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