Out-of-period adjustment
In accounting, out-of-period adjustment means correcting a prior-period error in the current period, permitted only when the error is immaterial to both periods.
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Authority
This definition follows ASC 250-10-45.
Every citation in this system, with the text we read and the date we checked it, is in US GAAP and where these rules come from.
The lesson that teaches this
Accounting, 0 to 1 — a free course taught end to end on one month of one company, with the spreadsheet exercises to work it yourself.
Out-of-period adjustment, in use
Quoted from the document that use the word — what it does to an interface, in the spec's own sentence.
If it belongs in September, request a reopen, or record it in October as an out-of-period adjustment.
What it is not called
Each of these is a real word for a different thing. Using it here is what makes a product read as though it was built by someone who has not done the work.
- catch-up
- plug
Components that render the terms it depends on
No component names this concept outright. Its definition is built out of terms that are named. These render period.
4Swaps & FX
Family spec5Ledger & tables
Family spec9Accounting core (GL)
Family spec11Payables (AP)
Family spec12Close, controls & consolidation
Family specNearby in the catalog
No component names this concept outright. These are the ones in its part of the system, which is a weaker claim — but a component nothing links to is a component nobody finds.
12Close, controls & consolidation
Family specTerms this one depends on
Also in Close
Defined in Lexicon. This page is generated from that document, so the two cannot disagree.