Impact of transactions with Date outside Accounting Period

When under Setup > Accounting > Accounting Preferences > General > Allow Transaction Date Outside of Posting Period is set to either Warn or Allow, the Date on posting transactions can be set to a date which is outside of the Posting Period. The Date may even be set to a day belonging to a Closed Period. When this happens the impact of the transaction will still be posted on the Posting Period set on the transaction form regardless of the Date selected. This means that even if transaction Dates are set to a day belonging to a Closed Period it will not have any impact on that Closed Period. Consider the example below:

Transaction: Item Fulfillment
Date: 1/1/2014
Posting Period: Sept 2014
GL Impact:
Debit - Cost of Goods Sold
Credit - Inventory

The impact on Cost of Goods Sold and Inventory will be posted in September 2014 regardless of the Date on the transaction. 

Note: Under Home > Set Preferences > Analystics tab > Reporting section, Report by Period should be set to either Financials Only or All Reports so that reports will be presented by Posting Period.