How to: Open a New Fiscal Year

Before you can post in a fiscal year, you must open the fiscal year and define its accounting periods.

To open a new fiscal year

  1. Choose the Search for Page or Report icon, enter Accounting Periods, and then choose the related link.
  2. In the Accounting Periods window, choose the Create Year action.
  3. Fill in the fields to define the structure of the fiscal year.

    The fiscal year is typically 12 periods of one month each, but you can also divide it in other ways.

  4. Choose the OK button.

The accounting periods are added to the page. The Starting Date and Name fields are filled in. The Name field uses the name of the month from the starting date. After the last period in the fiscal year, an accounting period is inserted and the New Fiscal Year check box is selected.

See Also

How to: Specify Posting Periods
How to: Post the Year-End Closing Entry
Finance
Working with Financials