Reason 3 – Pegasus Opera 2 Upgrade – Open Period Accounting

//Reason 3 – Pegasus Opera 2 Upgrade – Open Period Accounting

Reason 3 – Pegasus Opera 2 Upgrade – Open Period Accounting

Flexibility to post in past and future periods when you upgrade from Opera 2

If you want more flexibility in your financials, Opera 3 is for you. You can create calendars for the current and up to 3 future financial years, and post transactions to any period marked as “open”, either directly or from other Opera 3 applications such as the Sales and Purchase Ledgers. For complete control and flexibility, you can also post into the previous financial year from the Nominal Ledger.

Open Period Accounting is an optional feature that allows you to control whether your Nominal Ledger periods are open, blocked or closed for postings. Accounting periods can be kept open for as long as necessary or can be closed once management accounts have been presented for the financial year.

If Open Period Accounting is used, each transaction that is posted to the Nominal Ledger has a Nominal Ledger posting date, which determines the Nominal period it’s posted to. The period that is posted to can be the current Nominal Ledger period, a previous Nominal Ledger period, or a future Nominal Ledger period as long as that period is open. You don’t need to change the application’s system date because the Nominal Ledger transaction date determines which period is updated. Open Period Accounting works with both the Real Time Update method and the batch transfer method of updating the Nominal Ledger.

To utilise Open Period Accounting functionality, you need to select the relevant option in Company Profiles and create the required financial calendars.


  • Create financial calendars for the previous, the current and up to three future years.
  • Post to the Nominal Ledger without needing to change the application’s system date to be in the current Nominal period.
  • Post to future and previous Nominal Ledger periods from the Nominal, Sales and Purchase Ledgers, Stock Control, Fixed Assets and Payroll (current and future years).
  • Identify periods by a description, period number and year.
  • Journals posted to the previous, current or future years from the Nominal Ledger can be rectified. You can change the account, cost centre, project or department for each journal line. You can also reverse a complete posting and re-post the journal to any open period in the current, previous or future years. If you don’t use Open Period Accounting, you can only modify journals posted to the current financial year.

Financial Calendar

Open Period Accounting uses a financial calendar where you define up to 5 financial years with up to a maximum of 24 periods in each year. You can define a financial calendar for the current, previous and three future years. Each year has a description, a standard year-end date and the required number of periods. Each period has a start date, a period description and an indicator that allows you to specify whether the period is open, blocked or closed for postings.

For example, if you start your financial year with 12 periods but need to change it during the year, you can change the number of periods up to a maximum of 24 and can have less than 12. You can change the number of periods for the current and future financial years.

You can control whether users can post transactions to each period in:

  • The previous financial year (from the Nominal Ledger only)
  • The current financial year
  • Up to three future financial years

Periods can be set to ‘Open’, ‘Closed’ or ‘Blocked’ for each of these applications:

  • Nominal Ledger (and Cashbook)
  • Sales Ledger (and Invoicing/Sales Order Processing)
  • Purchase Ledger (and Purchase Order Processing)
  • Fixed Assets
  • Stock Control (and Bill of Materials)
  • Payroll

Purchase Invoice Register (PIR): use PIR transaction date to update Nominal If using Open Period Accounting with PIR, you can control whether to post using the “PIR transaction date” or the Nominal Ledger posting date to update the current or an earlier Nominal period.

Open period accounting comes as standard with Pegasus Opera 3 Business Software.

Get the Full Document with many Pegasus Opera 2 Upgrade reasons:

Download the Full Reasons to Upgrade to Opera 3

Check out the related Blog Posts delivered as part of our Reasons to upgrade from Pegasus Opera 2 series:

Reason 17 – Business Improvement Features

Reason 16 – Business Cloud

Reason 15 – HMRC VAT 100 Filing Online

Reason 14 – Stock take

Reason 13 – Landed Costs Reporting

Reason 12 – Landed Cost

Reason 11 – Timesheets via Web Xchange

Reason 10 – Payroll Self Service Web Xchange

Reason 9 – Web Xchange

Reason 8 – Scheduler & Notification Services

Reason 7 – Salary Sacrifice

Reason 6 – Email Payslips & HMRC P60

Reason 5 – Credit Management Reports

Reason 4 – Credit Management Centre

Reason 2 – Pegasus Opera 2 Upgrade – Error correction in the Ledgers

Reasons to upgrade from Pegasus Opera 2 – Excel Output Reports


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By | 2018-04-04T12:34:26+00:00 August 8th, 2016|General|0 Comments

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