SA Administrator Options - Financials - Fiscal Year field descriptions

Select this option to base the General Ledger on a 13-period fiscal year. If you do not select this option, the General Ledger is based on a 12-period fiscal year.

If you select this option, you must enter the ending date of each period in your fiscal year in the 13 Period Fiscal Year section.

Determine the correct fiscal year method before setting up the General Ledger files to avoid performing a conversion or starting over with new files. General Ledger can be manually converted from a 12-month fiscal year to a 13-period fiscal year.

Specify the current fiscal year before beginning any processing. This value is displayed in GL Accounts Setup and GL Budgets Setup. GL Transactions Entry functions also use the current fiscal year to prevent posting into a future year. Transactions cannot be posted into a future year until GL Administrator Year End has been performed.

The Current Fiscal Year field acts as a reference point when transactions are posted back to previous years. When this occurs, the balance forward amount from the posted year rolls forward up to, and including, the current fiscal year.

GL Administrator Year End updates this option by adding one to the year being closed. If the current fiscal year is being closed, this option automatically increases by one to prepare for the new year. For example, when you perform GL Administrator Year End at the end of 2015, the system automatically changes this field to 16 to prepare for the new year.

Specify the calendar month that represents the first period of the fiscal year. For example, if your fiscal year begins in June, specify 06 as the beginning period.

Select this option if the beginning of the fiscal year equals the current calendar year. Do not select this option if the ending of the fiscal year equals the end of the calendar year. Do not change the fiscal year after if has been set.

For example, your fiscal year is July 2015 through June 2016 and referred to it as Fiscal Year 2015. Then your fiscal year is equal to the calendar year at the beginning of the fiscal year (July). If your fiscal year is referred to as Fiscal Year 2016, your fiscal year is not equal to the calendar in July 2015.

This section is only available if the 13 Period Fiscal Year option is selected. Specify the ending calendar date for each period. The ending dates must be valid and stay within one calendar year.

For example, the ending date for Period 2 (for example, 06/15/15) must be greater than the ending date for Period 1 (for example, 05/15/15). Entry functions use today’s date, in combination with the 13-period ending dates, to determine the current fiscal period. Entry functions only calculate the current fiscal period upon initial entry.

This information must be re-entered after year end and before beginning a new fiscal year. Click the Clear All button to clear all 13-period dates and allow re-entry.