There are so many accounting rules which are becoming easier and accurate to be implemented with Financial systems. The concept of Multi period accounting is one of them. It enables users to create accounting for a single accounting event for more than one GL period. For Example, business cycle of an Insurance premium payment. Normally an insurance premium is paid Annually. A premium paid annually is an advance payment of insurance for 12 months. At the time we pay the premium, the actual expense does not occur, rather it occurs as and when the month for which insurance is paid completes. It is difficult to implement this concept by entries in the manual journal book and keeping track of the full payment done as well reductions done every month as monthly expense. With the help of Financial system and the availability of the automation concepts there are setups with which we can implement these business processes for different type of payments and reduce the effort of recording these reductions every month. In any organization, this concept is common and can be observed and put into actions in tiny things like buying office supplies to bigger things like paying the rent for organization building.