Our year end is Oct. 31st and when entering invoices in AP that are dated Nov 2nd we get the following error,
"Ledger fiscal period for date assigned is closed, do you wish to continue with a date in a closed period." Yes or No.

Since new fiscal periods are not set up in our ledger as of yet, is this what this means? Do we need to set up are next year before we can put the November 2010 invoices in AP? If so what is the procedure?