Beginning of the period activities deal with the opening transactions of the company. After the closing entries done for the previous term, the accounts have to be opened for the new fiscal year. The opening of the accounts is based on the opening balance sheet which is also the closing balance sheet of the ended period. Journal entry is recorded according to the opening balance sheet and accounts are posted to the ledger. Hereby, the accounts are now ready for daily transactions, in other words, the accounts are ready for during the period transactions.