Open a New Fiscal Year and Create Accounting Periods
Before you can post in a fiscal year, you must open the fiscal year and define its accounting periods.
For many companies, the fiscal year does not coincide with the calendar year. Fiscal periods can be measured in other units of time, such as months or quarters. You can use the Create Fiscal Year window to set up the accounting periods that suit your business needs. However,
To open a new fiscal year
- Choose the icon, enter Accounting Periods, and then choose the related link.
- In the Accounting Periods window, choose the Create Year action.
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.
- Choose the OK button.
The accounting periods are added to the page with the Starting Date and Name fields filled in. The default names are based on the name of the month from the starting date, but you can change the name. After the last period in the fiscal year, an additional accounting period is inserted with the New Fiscal Year check box selected.