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Overview

Fiscal periods must be setup for each year by creating a Fiscal Year for each legal entity.  Different legal entities can run on different fiscal years.  Within each legal entity you can have a Financial Year different from your Operational Year if you want to run operations reports using different setup than you might report to the bank or investors.  This is common for companies that run financials on a calendar year but want to do operational analysis on weeks and across equal periods.  To accomplish this, setup your fiscal year as Calendar and operational year as 13-4 week periods.

Follow these steps to setup years:

To Setup Next Year (assuming prior year exists; if no years exist skip down to section titled “If No Fiscal Years Exist”).

Note: The Legal Entity must have a location assigned to it before adding the Fiscal Year.

  1. Go to Accounting – Administration – Fiscal Years in the left hand navigation to view existing fiscal years
    fiscal years
  2. Open the most recent year for the legal entity you want to create a new year for by clicking the blue underlined name of the fiscal year or double clicking the row
  3. On the Fiscal Period Setup window click Actions – Create Next Year in top right of ribbon and this will create the next fiscal year using the same setup as the prior year for that legal entity.
    • create next year

 

To Copy One Legal Entity Fiscal Year to Other Legal Entities

If you have many legal entities and they share similar fiscal year setup, once you create one year you can copy that to as many legal entities as you wish by following these steps.

 

  1. Open the fiscal year record you wish to copy by following steps 1-2 in the section above
  2. Click Actions – Duplicate for Other Legal Entity in top right ribbon
  3. In the window that opens, click the dropdown to select which legal entities share this same fiscal year setup that you’d like to copy. You can select 1, click Select All, or click multiple legal entities so create it for a select list.
  4. After legal entities are selected, click outside of the dropdown list to close the list and then click OK and the years will be created.

 

If No Fiscal Years Exist

If you have no fiscal years setup (verify this by checking the list under Accounting – Administration – Fiscal Years in left hand navigation), then you’ll need to create the first one by following these steps:

  1. Click Administration – New Fiscal Year in the top ribbon
  2. In the window that opens populate the fields and then click Save and fiscal periods will be created according to the setting you selected (fields described below).

Description of Fields

  • Legal Entity – the legal entity this fiscal year pertains to.  If some legal entities don’t show in the dropdown list, its likely because of security.  Since security is location based, any legal entity that will show up in this screen must have a location assigned to it or the system won’t be able to determine who should be able to access those legal entities’ fiscal years.
  • Year – the year this record represents
  • Fiscal & Operational Combined checkbox – If you want 2 separate fiscal year structures for a legal entity so you can run some reports on a calendar year and other operational reports based on weeks and equal periods, then you should uncheck this box. By leaving it checked, you have 1 fiscal year structure.
    • When this is unchecked (screenshot below) fields show up for Operational Year settings that can be different than Fiscal year.
    • image3

 

  • Fiscal Period Structure – the following period structures are possible
    • Calendar Year – if you follow calendar year then this will setup periods according to calendar. Selecting this option, the user will not need to set a Fiscal Start or End Date because those will follow the calendar year
  • 4/4/5 – will create periods of 4 weeks, 4 weeks, and 5 weeks in each quarter and will begin on the Fiscal Start Date the user selects.
  • 13-4 – will create 13 periods of 4 weeks each and will begin on the Fiscal Start Date the user selects
  • Custom Periods – If this option is selected then you will need to specify the dates for each period as described further down in this training
  • Fiscal Start Date – if Fiscal Period Structure = 4/4/5, 13-4, or Custom Periods then user must specify a Fiscal Start Date. The weekday of the Fiscal Start Date will determine the weekday that your fiscal weeks start on.
  • Fiscal End Date – if Fiscal Period Structure = Custom Periods then user must specify a Fiscal End Date. For other fiscal period structure types, this will be populated automatically after saving the record
  • Operational Year Fields – if Fiscal & Operational Combined is not checked then you will have identical fields in an Operational Year section that you have in the Fiscal Year section as described above. You can set the operational year differently than the fiscal year
  • Period Grid – Once the record has been saved, this grid shows the periods that have been created by the system. If Fiscal & Operational Combined is not checked then you will have 2 tabs (Financial and Operational) to view the periods according to each of those year types.
    • If Fiscal Period Structure = Custom Periods then you must create each period manually in this section. To create custom periods click Edit button just above grid and fields will show up where you can provide a period number (make sure this is a whole number), start date, end date and period name and then click Add.  Repeat this process until all periods have been entered and then click Edit Complete just above the grid and then Save the fiscal year.

custom periods

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