Maintaining Accounting Periods

Use the Accounting Periods form to maintain periods and their details.

To add a new accounting period:

  1. On the form, select Actions > New.
  2. Specify this information:
    Fiscal Year
    The next fiscal year is automatically populated.
    Closed
    Select this check box if the current year is a completed fiscal year.
    Current Period
    For new periods, the number one is displayed. When displayed existing periods, select a period number. It must be in the range from 1 to 13. The number must be for a period that has dates defined for the corresponding period. After selecting the period number, its starting and ending dates display.
    Period Number
    The period number for the accompanying dates is displayed.
    Start/End Date
    Specify the date range for each period. You are not required to use all 13 periods. The end date of one period must be one day before the start date of the next period. When the system initially creates this record, only period 1 has any dates defined. The period is a yearly period beginning with January 1 of the current actual year through December 31.
  3. Select Monthly and click Generate Period to create 12 monthly periods for the current year. Any existing accounting period information is overwritten.
  4. Select Quarterly and click Generate Period to create 3-month periods for the current year. Any existing accounting period information is overwritten.
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