Fiscal Year

In the upper part of the Accounting Periods or Multi-FSB Accounting Periods form, enter the fiscal year you are defining. You can enter an unlimited number of fiscal years; however, the previous year must end the day before the next year begins.

Note: After any new fiscal years are defined for which ledger transactions already exist, run the Rebalance Ledger Period Totals or Multi-FSB Rebalance Ledger Period Totals utility.

You can manually enter the periods, or select one of these options to have the system generate them automatically:

Monthly: Set up 12 monthly periods for the current year. This option overrides any existing period information.
Quarterly Update: Set up four quarterly periods for the current year. This option also overrides any existing accounting period information. If you enter a number less than 100, 1900 is added to the year.

On the Multi-FSB Year End Closing Journal Entries form, select the fiscal year for which to close a financial set of books. The default value is the current fiscal year from General Parameters.