Fiscal Calendar

The fiscal calendar contains all the fiscal years and fiscal periods for each module in the system. These are used for processing financial transactions.

Add a Fiscal Year

To configure the fiscal calendar for a new fiscal year:

  1. Click the Fiscal Calendar link from the Main Menu. The Fiscal Calendar screen opens.
  2. Click the Add button. The Create Fiscal Year screen opens.
  3. Enter the necessary information:
    • Year - The fiscal year to create. Defaults to the next year after the last available fiscal year in the list.
    • Type - Fiscal year type (Monthly, 4-4-5, 4-5-4 or 5-4-4).
    • Start Date - Start date of the fiscal year. Defaults to the next period after the last available fiscal year/period in the list.
    • # Periods - Number of periods within the fiscal year.
    • Create Adjustment Period - If checked, an adjustment period is created at the end of the fiscal year. If using an adjustment period, update the # GL Periods field in the Edit Organization screen (Main Menu -> Organizations -> Select Organization -> Right-Click -> Edit) to include the additional adjustment period.
    • Accounts Receivable - If checked, fiscal periods are created for the Accounts Receivable module.
    • General Ledger - If checked, fiscal periods are created for the General Ledger module.
    • Inventory - If checked, fiscal periods are created for the Inventory module.
    • Accounts Payable - If checked, fiscal periods are created for the Accounts Payable module.
    • Fixed Assets - If checked, fiscal periods are created for the Fixed Assets module.
  4. Click OK.

Add a Fiscal Period to a Fiscal Year

To add a new fiscal period to an existing fiscal year:

  1. Click the Fiscal Calendar link from the Main Menu. The Fiscal Calendar screen opens.
  2. Select the fiscal year with the period to add.
  3. Right-click and select Edit. The Fiscal Periods screen opens.
  4. Click the Add button. The Add Fiscal Period screen displays.
  5. Enter the necessary information:
    • Module - Module for the new fiscal period.
    • Year - Fiscal year for the new module. Defaults to the selected year.
    • Period - Fiscal period for the new module.
    • Start Date - Start date for the fiscal period.
    • End Date - End date for the fiscal period.
    • Status - Status of the fiscal period:
      • Open - Fiscal period has not occurred and is not closed.
      • Closed - Fiscal period has occurred.
      • Current - Fiscal period is occurring at this time.
  6. Expand the Activities section.
  7. Add any activities applicable to the fiscal period.
  8. Click OK.

Delete a Fiscal Period

If you no longer need a fiscal period, you can delete it. To delete a fiscal period:

  1. Click the Fiscal Calendar link from the Main Menu. The Fiscal Calendar screen opens.
  2. Select the fiscal year with the period to remove.
  3. Right-click and select Edit. The Fiscal Periods screen opens.
  4. Select the period and module to remove.
  5. Right-click and select Mark for Delete.
  6. Click the Save button.

Delete a Fiscal Year

If you no longer need a fiscal year, you can delete it. To delete a fiscal year:

  1. Click the Fiscal Calendar link from the Main Menu. The Fiscal Calendar screen opens.
  2. Select the fiscal year to delete.
  3. Right-click and select Mark for Delete.
  4. Click the Save button.

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Comments

7 comments

Date Votes
  • R.C. Chancy

    I already have fiscal periods open for FY 2015, 2016, and 2017 in the Receivables and Inventory modules only. How do I add fiscal periods for FY 2015, 2016, and 2017 in the General Ledger module only?

    0 upvotes

  • Maggie U.
    • Edited

    Hi R.C.,

    To do this in v20, follow the below steps:

    1. From the Main Menu, click the Fiscal Calendar link.
    2. On the Fiscal Calendar screen, click Add.
    3. On the Create Fiscal Year screen, enter the following information: Year = Year to add the fiscal periods to (i.e. 2015) Type = Type of fiscal calendar you are using. Must match the type of the existing fiscal year. Start Date = Enter the start date of the fiscal year. # Periods = Enter the number of periods to be added. Accounts Receivable, General Ledger, Inventory, Accounts Payable, Fixed Assets - check the modules the periods need to be created for. In your case, check the General Ledger checkbox and uncheck all other checkboxes.
    4. Click OK. If you look at your 2015 fiscal year, you will see the newly added General Ledger periods.
    5. Repeat the steps above for 2016 and 2017.

    Thanks,
    Maggie

    0 upvotes

  • Himanshu Sheogaonkar

    Hi,

    we have successfully created the fiscal calendar for 2017 and as we are running now in 2016, do I need to change the status of fiscal month to set it as current for every month going forward?

    Steps are as below:

    1. Locate the year.

    2. Edit the year

    3. Select the month and right click for more options>select tools and set specific module status to current. We have enabled all modules currently.

    Thanks

     

    0 upvotes

  • Maggie U.

    Hi Himanshu,

    Only the current period should be set to Current with all future periods set to Open and past periods should be closed.  As long as you are doing all the month end processing and closing each period from its respective module, the next period for that module will automatically be set to Current.  If you aren't doing month end processing and closing periods, then you will need to manually set each month to Current.

    You only need to maintain the fiscal period for the modules in the software that you own and use.  For example, if you don't own and use Fixed Assets, then you don't need to have that module's fiscal periods in your fiscal calendar.

    Thanks,

    Maggie

    0 upvotes

  • Himanshu Sheogaonkar

    Thanks Maggie, that helped.

    0 upvotes

  • Sean Tame

    Can you please explain the use of the Rollup checkbox?

    Thanks.

    0 upvotes

  • Lauren Curd

    Hi Sean -

    The Rollup box deals with the closing of the inventory period.  Checking this box determines whether we use the valuation amounts when closing the inventory periods.

    Thanks!

    Lauren

    0 upvotes

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