Adding accounting periods

  1. Select Resources > Budget > Accounting Period Setup.
    Infor Public Sector shows a list of all existing accounting periods defined by your agency.
  2. Click Add.
  3. Specify the start date for the fiscal year in the Month and Year fields.
    The fiscal year will begin on the first day of that month. For example, if you specify 10 for the month and 2017 for the year, the fiscal year will begin on 10/1/2017.
  4. Select an option under Fiscal Year Name to define which fiscal year you're creating accounting periods for.
    You can select on of these options.
    • Use Calendar Year of Last Accounting Period: Infor Public Sector uses the calendar year for the last accounting period being created to define the fiscal year. For example, if you create quarterly accounting periods for a fiscal year starting on 10/1/2017 and select this option, Infor Public Sector will define the fiscal year as 2018 because the last accounting period will begin on 7/1/2018.
    • Use Calendar Year of First Accounting Period: Infor Public Sector uses the calendar year for the first accounting period being created to define the fiscal year. For example, if you create quarterly accounting periods for a fiscal year starting on 2/1/2017 and select this option, Infor Public Sector will define the fiscal year as 2017 because the first accounting period begins on 2/1/2017.
    Note: If accounting periods already exist in Infor Public Sector, the fiscal year and its start date are automatically entered using the previous fiscal year's start date and incrementing it one year. For example, if the previous fiscal year's start date is 10/1/2017, then the start date for the new fiscal year is 10/1/2018. This prevents any gaps between accounting periods.
  5. Select the type of accounting period you're creating from the Type list.

    You can select one of these options:

    • Quarterly: Infor Public Sector creates four accounting periods for the fiscal year. Each accounting period is three months long. These are calendar months, not 30-day periods. For example, if the start date for the fiscal year is 10/1/2017, the first accounting period starts on that date and the second starts on 1/1/2018.
    • Monthly: Infor Public Sector creates 12 accounting periods for the fiscal year. Each accounting periods is one month long. These are calendar months, not 30-day periods. For example, if the start date for the fiscal year is 10/1/2017, the first accounting period starts on that date and the second starts on 11/1/2017.
    • FourWeek: Infor Public Sector creates 13 accounting periods for the fiscal year. Each accounting period is four weeks long. For example, if the start date for the fiscal year is 10/1/2017, the first accounting period starts on that date and the second starts on 10/29/2017.
    • TwoWeek: Infor Public Sector creates 26 accounting periods for the fiscal year. Each accounting period is two weeks long. For example, if the start date for the fiscal year is 10/1/2017, the first accounting period starts on that date and the second starts on 10/15/2017.
    • Weekly: Infor Public Sector creates 52 accounting periods for the fiscal year. Each accounting period is one week long. For example, if the start date for the fiscal year is 10/1/2017, the first accounting period starts on that date and the second starts on 10/8/2017.
  6. From the Years to Create list, select the number of fiscal years that you want to create accounting periods for.
    You can create accounting periods for up to nine fiscal years at one time.
  7. To use a period at the end of the fiscal year for any accounting adjustments, select the Year-End-Adjustment Period check box.
    Infor Public Sector will define the last day of the fiscal year as an additional accounting period. You can use this accounting period for any year-end accounting adjustments that your agency may require. For example, if you're creating quarterly accounting periods for fiscal year 2018 starting on 10/1/2017 and you choose to add a year-end adjustment period, Infor Public Sector will create a fifth accounting period that begins and ends on 9/30/2018.
  8. Click Save.