Creating period groups and periods

Period groups represent a type of calendar that your finance group uses, such as monthly, weekly, annually, quarterly, or bi-weekly with the variations of 445, 454, or 544 weekly calendars.

  1. Click on the Period Groups tab.
  2. From the Actions menu, select Create.

    Specify this information:

    System Calendar

    Defines an organization's working days, non-working days, holidays, and bank days for a year

    Period Group

    Specify the name of the period group, for example, Annual 2013, Quarterly, Monthly, and so on.

    Description

    Specify the description for the period group.

  3. Click Save.

    The Update System Calendar Period Group form is displayed. You can now create the periods for the period group.

  4. Create the periods for the period group in one of these ways:

    To create all periods within a year for a frequency, on the Update System Calendar Period Group form, click Actions > Create Periods.

    Specify this information:

    Year

    The year for which you are creating the period for.

    Period Frequency

    The period frequency. For example, to create monthly periods, select Monthly.

    Beginning Date

    The first day of the first period.

    Note: 

    If you select Weekly, Bi-Weekly, or any of the numbered options, this field is not displayed. If you select Weekly, the Weekly Option field is shown; for the Bi-Weekly and numbered options, a description is shown on how the periods are created.

    Period Name Template

    The name common to all periods. For example, if you specify Week, all the periods will be given the label Week. When you click OK, all the periods are created. You can then update them as Week 1, Week 2, and so on.

    Click OK.

    To create periods individually:

    1. On the Periods tab, click Actions > Create.

      Specify this information:

      Year

      The year you are creating the period group for.

      Period

      Annual, Quarterly, or Monthly

      From Date

      This is the start date of the period.

      To Date

      This is the end date of the period.

      Name

      The name you want to appear as the period name. For example, Month 1 or Jan 2014.

    2. Click Save and to add the remaining periods for the period group.