Setting the financial year

From within Financial Calendars (FCS) select the Years option from the Action menu.

The relevant Financial Calendar Code, Name and Description of the Financial Calendar are displayed. Details of the Default Language defined on the Financial Calendar are also displayed. Enter the Financial Year in the format YYYY and click OK.

If the previous financial year exists then the message 'Create Financial Year based on last Financial Year?' is displayed. Select Yes to generate this year with the same settings as the previous year, which will also be automatically assigned to the same business units as the previous year.

  1. Specify this information in the Financial Calendar Years:
    Assigned Business Units
    The business units assigned to the financial calendar. These are displayed after the financial year has been assign to them.
    Start of the Financial Year
    The start date of the financial year. This must be the first calendar day after the year end of the preceding year, if one exists.
    End of the Financial Year
    The end date of the financial year. This defaults to the end date for the financial calendar year, typically the end of the 12th month after the start date. You can amend this date to extend or reduce the financial year.
    Note: Start and end dates of the Financial Year always take precedence over total number of periods where the Default Period Method is Monthly, because accounting periods are actual months.
    Number of Adjustments
    These adjustment periods are added to the end of the financial year.
    Year End Adjustment
    Set the flag to determine whether a Year End Adjustment Period is required. This is in addition to the adjustment periods specified by Number of Adjustments and is the last period of the financial year.
    Total Number of Periods
    The total number of periods in the financial year. This must include the number of adjustments and the Year End Adjustment if specified.
    Note: The Total Number of Periods is also reflected in Maximum Number of Periods in Business Unit Setup.
    Validate Transaction Dates
    Select this option if transaction dates will be validated against accounting periods.
    Default Period Method
    Select a period method from the list of options:
    • Monthly
    • Custom.
    Default Period Descriptn Type
    Select the period description type from the list:
    • Month #
    • Month Name
    • Month Name & Year
    • Custom
    If the default period is Monthly the following Default Period Description Types are available:
    • Month # - where '#' represents the number of the month
    • Month Name
    • Month Name and Year
    Note: The Default Period Description cannot be amended if the Default Period Method is Monthly.

    If the Default Period Method is Custom you can enter your own text in the Default Period Description field. For example Period or Accounting Period combined with '#' before or after the text to represent the Period Number in the output.

  2. Click OK to complete.

    If you have selected monthly default periods, Financial Years checks whether the Total Number of Accounting Periods is valid by adding together the number of calendar months (whether part or whole) between the Start Date and the End Date, the number of Adjustment Periods and the Year End Adjustment Period.

    If the Total Number of Accounting Periods does not match the definition of the Financial Year, taking into account the Start Date and End Date (from which it derives actual months both part and whole), the number of Adjustment Periods and the Year End Adjustment Period a warning message is displayed, 'The Total Number of Accounting Periods does not match the Financial Year'.. Click OK to continue and amend the Total Number of Accounting Periods accordingly.

  3. Save your changes.

Once complete the following accounting periods are generated:

Default Period Method Monthly - Financial Years generates all the accounting periods for the financial year taking into account the following:

  • Number of Actual Accounting periods (derived) = Total number of Accounting Periods - Number of Adjustment Periods - Year End Adjustment Period.
  • Accounting Periods are bound by start and end dates of the calendar months taking into account part months, where they exist, for the start and end of the Financial Year. Additionally all adjustment periods acquire the Year End Date for the Financial Year as their Start Date and End Date.

Default Period Method Custom - financial years generates all the accounting periods for the Financial Year taking into account the following:

  • Number of Actual Accounting periods (derived) = Total number of Accounting Periods - Number of Adjustment Periods - Year End Adjustment Period.
  • Accounting Periods are bound by start and end dates, except the Start Date of the first accounting period (=Year Start Date) and the End Date of the last accounting period (=Year End Date). Additionally all adjustment periods acquire the Year End Date for the Financial Year as their Start Date and End Date.

Period labels based on the selection supplied for Period Description Type are also generated. All the accounting periods, accounting period labels in the default language and their start and end dates are displayed. Adjustment periods and the Year End Adjustment Period are displayed with start and end dates which equate to the Year End Date, with their labels defaulted to 'Adjustment Period #' (where # represents the number) and 'Year End Adjustment Period' respectively. If the dates of the actual accounting periods overlap the following message is displayed: 'Overlapping date ranges are not permitted', or if there are gaps between the Actual Accounting Periods, the following message is displayed, 'Gaps between date ranges are not permitted.'

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