Tutorial 12 - Defining Fiscal Periods
The Fiscal Periods definition is mandatory for accounting applications. It allows you to: |
![]() | specify the fiscal year end date; | |
![]() | segment the fiscal year into equal fiscal periods; | |
![]() | set the start date of historical data input (start date = the earliest document date of data capture); and | |
![]() | fine-tune individual fiscal periods for variable cut-offs. |
1. | Launch the Fiscal Periods > Setup application.![]() | |
2. | Retain all defaults and specify December 31, 1998 as the Start of data capture and click on Set. |
This will display this Attention Panel: |
3. | Press the OK button. |
This last step will not immediately fix the Setup parameters permanently - they can be changed as long as no transactions have been saved (even then, the transactions could be deleted and the Setup modified); but it will display the Setup instructions in the Fiscal Periods window (being the first fiscal year data i.e. December 31, 1998 to December 31, 1998 as Period 12 of the 1998 fiscal year. The idea here is that we will start our data entry with a December 31, 1998 Trial Balance Journal Entry and process "actual transactions" for the 1999 fiscal year . |
4. | Select the Periods > Add year menu item![]() | |
Select the Add year menu item a second time.![]() | ||
Select the row where the Start date is January 1, 2000. |
watch the Fiscal Periods window provide details in the two areas: Current selection and the Selected fiscal year ends on, as well as the summary statement at the bottom.
The Fiscal Periods window will now look like this: |
Go To |
![]() | Tutorial 13 - Defining the Account Prototype | |
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