Base period and base year configuration

If Financial Consolidation is activated, you must configure the base period and base year for each period, as part of the calendar definition. These are used for the historical translation of rollover for entities. Because Financial Consolidation is based on a Year to Date approach, the closing balances of schedules from the end of a year are transferred to the opening balances of a following year.

By default, the base period and base year are 12 and -1 respectively to follow normal best practice. Thus, in January of the current year, the opening value is the closing value from December of the previous year. However, if required, the base year can be from 0 to plus or minus 9 and the base period can be any period number from 1 to 12. We recommend that you do not change the base period and year after they are specified.

  1. Specify the start year and end year and, optionally, the fiscal year.
  2. For each period, select the base year.
    If Fiscal Year is selected, the order of the periods in the Base Period and Base Year Configuration table is determined by fiscal year start month. Otherwise, the periods are ordered from January to December.
  3. For each period, select the base period.
  4. Click Save.