Manage All Fiscal Years

From General ledger, Settings, Fiscal years, you can you can add and edit fiscal year details, such as descriptions, number of periods, and start and end dates.

Warning: Prior to adding your first fiscal year, you should consider any previous years that need to be accounted for in the system. You can add unlimited fiscal years as long as you add the older years first. For example, you can't add fiscal year 2021 and later add 2020.

  1. You can add a fiscal year in two ways:

    • Under Current fiscal periods, select New fiscal year from current. This adds a fiscal year based on the current fiscal year.

    • Under Manage all fiscal years, select Add.

  2. Enter a unique ID and description, and select the number of periods for the fiscal year.

  3. To copy periods from an existing fiscal year, select Copy from, then select a fiscal year to copy.

  4. To automatically complete the periods based on the previous fiscal year, select Auto-Complete.

  5. In the Start date and End date fields, enter the beginning and ending dates of your fiscal periods.

  6. Select Closed for any fiscal periods you want to close.

  7. After you enter details for the new fiscal year, select Save.

When you add a new fiscal year, it may be helpful to simply copy periods from an existing fiscal year and apply them to your new fiscal year. To do this, under Manage fiscal years, select Copy into new from its menu or select Copy from when adding a new fiscal year.

This process summarizes transaction data for a fiscal year to improve report processing speed. We recommend you optimize fiscal years when transactions are no longer being added. To optimize fiscal years, go to General ledger, Fiscal years, Manage all fiscal years, and select Optimize.

If you want to "unoptimize" a fiscal year for any reason, you can do so from the Edit fiscal year screen. To unoptimize fiscal years, go to General ledger, Fiscal years, Edit fiscal year. Open the optimized year and unmark the Closed checkbox for a period.

When you select Save, the unoptimize fiscal year process begins.

Note: To open or close a fiscal period, you must have security rights. If you do not have security rights, the Closed column for each period is locked. If you feel you should have rights, contact your system admin.

You can edit a fiscal year in several ways:

  • Under Current fiscal periods, to edit the current fiscal year, select Edit this fiscal year, adjust the information as necessary, and select Save.

  • Under Current fiscal periods, to edit the previous fiscal year, select Edit previous fiscal year, adjust the information as necessary, and select Save.

  • Under Manage fiscal years, to edit a fiscal year, select Edit from its menu , adjust the information as necessary, and select Save.

Under Manage fiscal years, to remove a fiscal year, select Delete from its menu , then select Delete when prompted.

Note: You can only delete the most recent, open fiscal year with no activity.

To close or pre-close a fiscal year, go to General ledger, Settings, Fiscal years.

The purpose of closing a fiscal year is to update the net asset accounts in the balance sheet with income statement activity.

You can also pre-close a fiscal year. A pre-closing is a mock closing you can use to temporarily close a year in order to speed reporting. Because closing a fiscal year is permanent, we encourage you to pre-close each fiscal year as soon as you finish entering and posting all transactions for the year before running the actual closing process.

Note: Once you close a fiscal year, information remains available for reporting until it is purged. However, you cannot post new activity to a closed year.