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Finance Periods
A finance period is a reference object that stores lookups to all the accounting or revenue transactions that occurred within a period of time. (Salesforce Billing Managed Package)
Required Editions
| Available in: All Salesforce Billing Versions |
Revenue finance periods contain lookups to all Revenue Transaction records from a transaction. Accounting finance periods contain lookups to all invoice line, credit note allocation, and debit note allocation records from a transaction. All finance periods inherit Period Type from their parent finance book.
When Salesforce Billing creates a transaction, it evaluates finance periods that have the following criteria.
- Open period status
- Period type must be Revenue for revenue transactions, or Accounting for all other transactions
- Legal entity matches the transaction’s legal entity
- System period start date falls within the period’s start and end dates
- Period currency matches the transaction’s currency (for multicurrency orgs only)
When a finance period meets all these requirements, Salesforce Billing assigns the transaction to the period. If multiple periods have the same matching values, Salesforce Billing assigns the transaction to the first period that the search process returns. You can view assigned revenue transactions in a period’s Revenue Transactions related list, and all other assigned transactions in a period’s Invoice Line, Debit Note Allocations, and Credit Note Allocations related lists.
Only open periods receive transactions. To prevent a finance period from receiving more transactions, set its period status to Closed.
When you change a finance period’s status from Open to Closed and save the period record, Salesforce Billing then sets the status to Pending Closed while it runs validations on the finance period and its related objects. If any of the validations returns an error, Salesforce Billing changes the period’s status to Error and creates an error log in the period’s Error Logs related list. Review the error log and take corrective action, then change the period status from Error to Closed.
If you must reopen a closed finance period, change its period status from Closed to Open. Salesforce Billing then sets the status to Pending Open while it runs validations, and follows the same error logging process for any validation errors that occur. After you’ve made corrections, change the status from Error to Pending Open.
You can assign a different legal entity to various finance periods within a finance book. This process lets you make a finance book that tracks the transactions for several legal entities. If you don’t provide a legal entity, Salesforce Billing evaluates other finance periods with null legal entities during transaction assignment.
Standard finance periods must begin on the first of a month and end on the last day of the same month. When you create a finance book, Salesforce Billing lets you automate the creation of monthly finance periods for each month within the finance book’s date range. You can also create finance periods for custom date ranges.
- Batch Create Monthly Finance Periods
Finance periods store records of all your transactions within a certain timeframe. Use the finance book's Create Finance Periods button to create batches of up to 49 monthly finance periods at a time. (Salesforce Billing Managed Package) - Manually Create Finance Periods
Finance periods store records of all your transactions within a certain timeframe. You can manually create finance periods of any date range by using the finance book's New Finance Period button. You can also create multiple finance periods at once by uploading them through a CSV file. (Salesforce Billing Managed Package) - Create Finance Periods for Custom Date Ranges
Create finance periods for non-calendar month timelines. (Salesforce Billing Managed Package)
