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.
  3. Specify this information:
    System Calendar

    Specify the system calendar which 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, or Monthly.

    Description

    Specify the description for the period group.

  4. Click Save.

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

  5. Create the periods for the period group in one of these ways:
    • Create all periods within a year for a frequency.
      1. On the Update System Calendar Period Group form, select Actions > Create Periods.
      2. Specify this information:
        Year

        Specify the year for which you are creating the period.

        Period Frequency

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

        Beginning Date

        Select 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 are given the label Week. When you click OK, all the periods are created. You can then update them as Week 1 and Week 2 in subsequent order.

      3. Click OK.
    • Create periods individually.
      1. On the Periods tab, click Actions > Create.
      2. Specify this information:
        Year

        Specify the year for which you are creating the period group.

        Period

        Select Annual, Quarterly, or Monthly

        From Date

        Specify the start date of the period.

        To Date

        Specify the end date of the period.

        Name

        Specify the name to show as the period name. For example, Month 1 or Jan 2014.

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