What occurs if three calendars are set up in an accounting system?

When three calendars are established in an accounting system, the fundamental principle is that only one needs to be closed for all of them. This means that while each calendar serves its specific purpose—perhaps addressing different reporting requirements, fiscal periods, or regional considerations—they ultimately align within a single accounting framework.

This centralization is advantageous as it streamlines processes and maintains consistency in the financial reporting structure. When one calendar is closed, it facilitates the closing process for the others, minimizing the potential for discrepancies and errors that could arise from closing each calendar separately. Therefore, this integrated approach allows organizations to manage their financial data efficiently, ensuring that all relevant periods are kept in sync with the company’s overall accounting system.