Fiscal Calendar

The Fiscal Calendar is used in the Global Post and Period End processes within the system. The Fiscal Calendar is defined by fiscal year, quarter, month and week. The Fiscal Calendar also controls when transactions can be posted based on the following:

• Closed - when selected, users will not be allowed to edit or create any transactions in the fiscal period unless the user is defined as an Accounting user in Admin>System>Permissions>Users. It is recommended that the fiscal period is marked as closed prior to the initiation of the period end process.
• Accounting Closed - when selected, the period is considered officially closed and no transactions can be entered in the fiscal calendar by any user.

The following procedures are outlined in this document:

• Creating Fiscal Months
• Creating Fiscal Weeks
• Closing Fiscal Periods

Create Fiscal Month

1. In Admin>Business> General>Period End, select Fiscal Calendar.

2. Click the button to add a new month.

3. Enter the Begin Date of the fiscal month which is the first day of the fiscal period.

4. Enter the End Date of the fiscal month with is the last day of the fiscal period.

5. Enter the Month for the fiscal period.

6. Enter the Quarter for the fiscal period.

7. Enter the Year for the fiscal period.

Create Fiscal Week

1. In Admin>Business>General>Period End>Fiscal Calendar, click on the child grid for the month to add the weeks.
2. Click on the Calendar Weeks tab and select .
3. Enter the Begin Date of the fiscal week which will be the first day of the fiscal month.
4. Enter the End Date of the fiscal week.
5. Week No will default to '1' to represent the first week of the period.
6. Repeat the process for each week in the fiscal period. Once the first week is set, the Begin Date, End Date and Week No will default for each week added.

Close Fiscal Periods

Fiscal Periods can be closed by week or by month. The most common practice is to close the fiscal periods by month. The weeks do not have to be closed to close the month. The periods are closed in two phases:

• Close for Period End
• Final Close

Close for Period End

This process is used to close the period for all users except those users defined as Accounting users in Admin>System>Permissions>Users. It is recommended that the fiscal period is marked as closed prior to the initiation of the period end process so that no additional transactions are entered in error.

1. Select the period that is to be closed.
2. Select the Closed flag.

Final Close

This process is used to close the period for all users. No transactions can be entered after this flag is selected. This process should be completed as soon as the period end process has been completed.

1. Select the period that is to be closed.
2. Select the Accounting Closed flag.