Fiscal Year Periods

It is important when initially setting up your company that you properly setup your fiscal year periods. The purpose of the Fiscal Year Periods form is to allow you to enter your beginning and ending period dates and also monitor what periods are closed. Use the navigation buttons at the bottom right corner of the form to toggle between fiscal years and to select the fiscal year you want.

 

Fields

1.The Fiscal Year field is used to enter the name of the fiscal year.

2.The Start Date represents the first day of the fiscal year. Clicking on this field will display the drop down arrow button. Click the drop-down button next to this field to open the miniature calendar form where you can graphically enter the date.

3.The End Date represents the last day of the fiscal year. Clicking on this field will display the drop down arrow button. Click the drop-down button next to this field to open the miniature calendar form where you can graphically enter the date.

4.The Status field shows whether or not the particular fiscal year is open or close. When fiscal year is open, transactions can be posted or un-posted within the dates of that fiscal year. Inversely, if it is close, transactions cannot be posted or un-posted within the dates of that fiscal year.

 

5.The Retained Earnings field is used to set an Equity Account that will be used when closing the fiscal year. This will default to the Retained Earnings ID that has been previously setup in the Security form > Default Accounts tab.

The grid area will display the periods that make up a fiscal year. Each period has its Start Date, End Date and Status. Periods can temporarily be set to Closed status by simply selecting Closed in the Status combo box. When a period is set to 'Closed', you will not be allowed to post or unpost any transaction within the dates of that period. You can manually add periods by entering it directly onto the grid area or use the Generate button to generate periods automatically.

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