what is the use of special periods. can any body explain
with examples i.e. by doc. posting with date and all header
data please?
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Answer Posted / narendra deshmukh
Special period is used for tax adjustment and for year end
audit adjustments.
For example, if after or during the audit, the auditors
determine that some material expense/revenue has been
accounted for incorrectly in the past, and adjustment or
reclassification may be necessary to retained earnings but
must be accounted for in the current year. A special period
(13) is reserved for such entries.
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