Fiscal Years

Fiscal years help define your organization's fiscal cycle and play a key role in your budgeting, forecasting, and reporting efforts. From General ledger, Settings, Fiscal years, you can add and manage fiscal year details.

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 2023 and later add 2022.

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 make a journal entry, the transaction appears in the period and fiscal year determined by the post date.

Note: Journal entries must balance by fiscal period.

After defining future fiscal years, you can plan budgets, create projected financial reports, and enter historic information to compare one year against another.

Tip: For info about adding budgets, see Add Budgets.

Under Current fiscal years, view a list of currently open or closed fiscal periods along with their start and end dates, and status. You can also edit the current and previous fiscal year, or create a new fiscal year based on the current year.

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

For more information, see Manage Current Fiscal Periods.

Under Manage all fiscal years, add and edit fiscal year details, such as descriptions, number of periods, and start and end dates. For more information, see Manage All Fiscal Years.