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By Joe Wolf

Current Period is just that – it’s your current amount for this period/month. However, it can also be refined to pull in the Current Financial Reporting Period as opposed to the current Calendar Year period.  Typically, you’ll be able to select to bring in your Fiscal Calendar Year and your Financial Reporting Periods directly from your ERP system, thereby minimizing the time you put into building out your reports.

Cumulative Amounts with regard to Balance Sheet Accounts:

Where we may use the Current Period most often across the different ERP modules, in accounting, Cumulative Amounts should include the beginning balance for Balance Sheet Accounts.  So, as we move from one Fiscal Year to the next, we are bringing forward that beginning balance.  However, you wouldn’t normally want to include the beginning balance on Income Statement accounts. We can define the Cumulative Amount to be set as a value “relative” to the defined Current Period. 

What if you did want to include Assets & Liabilities in the beginning balance for Income/Profit & Loss reporting? Here’s where Inception to Date comes in. Where ITD would be synonymous with the “Beginning-of-time to Date” and includes beginning balance and it also includes beginning balance Income/ P&L accounts. Again, you wouldn’t typically want to see ITD for these but could be used for budgeting, U.S. GAAP and other reporting requirements, for income statement line items, cash flows and equity transactions.