For a roll-forward process to be correct, the periods involved must be what status?

In a roll-forward process, the periods involved must be in an 'Open' status to ensure that transactions can be accurately carried over from one period to the next. An 'Open' status indicates that the period is active and allows for adjustments or transactions to occur, which is essential for accurately rolling forward balances, expenses, or any other relevant data.

When a period is open, it means that it can still accommodate additional entries and adjustments, which are critical for maintaining accurate financial records and reporting. This process helps organizations manage their accounting effectively, ensuring that all relevant transactions are captured and reflected accurately in the financial results of subsequent periods.

In contrast, closed periods would not allow any new transactions or adjustments, and pending or approved statuses do not fit the necessary criteria for executing a roll-forward process, as they may still involve certain restrictions or conditions that do not align with the operational needs of transitioning data from one period to the next.