Add Fiscal Year

You can add unlimited fiscal years to the database provided you add the older years first. For example, you cannot add fiscal year 2009 and later add 2008. Your organization should consider this before adding the first fiscal year.

You can divide each fiscal year into a maximum of 13 periods. Each period acts as a container, which you use to track transactions. When you create a journal entry, the transaction appears in the period and fiscal year determined by the post date. Journal entries must balance by fiscal period. You can close and soft-close fiscal years. Soft-closing prohibits new journal entries to a period, but allows you to reopen the period at a later date.

Note: Do not use period 13 as an adjustment period.

Add fiscal year

1. From the Fiscal Years page, select Add from the action bar. The Add fiscal year information screen appears.

2. In the Fiscal year and Description fields, enter a unique year and a unique description for the fiscal year you are creating.

3. In the Number of periods field, select the number of periods for the fiscal year. You can choose from 1 to 13 periods. The Periods grid changes based on your selection.

4. Once you enter the number of periods, you must enter valid start and end dates for each period of the fiscal year. The start date for period 1 is enabled only on the first fiscal year. For the years after the first year, this date is automatically set based on the end date of the previous fiscal year. All other period start dates are set based on the end date of the previous period.

5. To auto-fill the periods based on the start date and number of periods selected, click Auto-complete.

6. Click Save to save the fiscal year. The new fiscal year appears in the Fiscal years grid.

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One potential alternative solution is: If there are not any transactions or records created in any fiscal year in the database, then all Fiscal Years up to the first one entered can be deleted. You will notice that the first Fiscal Year will have an editable starting period, which you can change to be the correct starting period for your database. You will have to update the ending period dates on each period for that beginning Fiscal Year, but then can recreate the remaining Fiscal Years as normal. If transactions exist in these fiscal periods than we will not be able to add these years into the system without doing a customization.