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 function.
This will display the Setup window and the Fiscal Periods window.
2. Retain all defaults and specify December 31, 2003 as the Start of data capture and click on Set.

This will add the first fiscal year (actually, a portion of it that consists of one day). The Fiscal Periods window shows the newly added period (being the first fiscal year data i.e. December 31, 2003 to December 31, 2003) as Period 12 of the 2003 fiscal year. The idea here is that we will start our data entry with a December 31, 2003 Trial Balance Journal Entry and process "actual transactions" for the 2004 fiscal year. The Setup panel.becomes disabled:

To re-enable the Setup panel one would have to delete all fiscal periods from Fiscal Periods window, which can be done as long as no transactions have been saved (even then, the transactions could be deleted and the Setup modified).

 
3. Select the Periods > Add year menu item
This will add 12 Periods (January 1, 2004 to December 31, 2004)
Select the Add year menu item a second time.
This will add another 12 Periods (January 1, 2005 to December 31, 2005)
Select the row where the Start date is January 1, 2005.
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:


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  Tutorial 13 - Defining the Account Prototype
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