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.  Click the drop down button on this field to open the miniature calendar where you can graphically enter the date.

3.The End Date represents the last day of the fiscal year.  Click the drop down button next to this field to open the miniature calendar 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 unposted within the dates of that fiscal year.  Inversely, if it is Close, transactions cannot be posted or unposted 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.    

Toolbar Buttons

Toolbar Buttons perform an action on the current record like adding, deleting or saving.

The New button will clear the form to allow a new fiscal year to be added.

The Save button will save the selected record.

The Delete button will delete the selected record.

Note that if the fiscal year is closed, you will not be able to delete it.  Closed fiscal year here means that it had undergone the closing fiscal year process and not just temporarily closing it using the Status combo box field.

The Undo button will cancel out the last change/s done to the record reverting it to its older state.

The Print button will open the Fiscal Year Periods Preview, which allows you to review and print. See: What You See is What you Get Printing

The Generate Periods button will open the Generate Periods form where you can automatically generate periods such as quarterly, monthly or weekly.

The Close Year button is used to permanently close the Fiscal Year.  When this button is clicked, the Recap Transaction form will open showing you what accounts will be affected when actually closing the fiscal year.  This button will show as Close Year when the fiscal year is still open and will show as Open Year when the fiscal year is already closed. The Open Year button on the other hand when clicked will open the Recap Transaction form and will show what accounts will be affected when re-opening the fiscal year.  See also Close Fiscal Year Process.

The Set Current button is used to set the selected fiscal year as your current fiscal year.  When this button is clicked, you will be setting the selected fiscal year as your current fiscal year and a 'Current Fiscal Year' stamp will be shown in the upper right area of the fiscal year record.

The Audit Adjust button is used to create an adjustment transaction before and after Fiscal Year is closed.  See also: Audit Adjustment before Fiscal Year is closed and Audit Adjustment after Fiscal Year is closed.

The Close Modules button will open the Module List form where you can manage the posting of transactions per module.  When a module is set to closed (Open checkbox is unchecked), you will not be allowed to post or unpost any transaction under that module.

The Close button will close the Fiscal Year Periods form.

Press F1 or click F1-Help button at the bottom left of the form for help on the form that is currently opened.