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 an Operational Year if you want to run Operations Reports using a 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.
There are three ways to setup years:
- Set Up Next Year
- Copy One Legal Entity Fiscal Year to Other Legal Entities
No Fiscal Years Exist
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.
- To view existing fiscal years, click 'Fiscal Years' Under the 'Administration' tab in the 'Accounting' module
- Open the most recent year for the desired legal entity by clicking the blue underlined name of the fiscal year or double clicking the row
- On the 'Fiscal Period Setup' window, hover over 'Action' in the top ribbon and click 'Create New Year'. This will create the next fiscal year using the same setup as the prior year for that legal entity
Copy One Legal Entity Fiscal Year to Other Legal Entities
If you have many legal entities and they share similar fiscal year setups, once you create one year, you can copy that to as many legal entities as you wish by following these steps:
- Open the fiscal year record you wish to copy by following steps 1-2 in the section above
- Hover over 'Action' in the top ribbon and click 'Duplicate for Other Legal Entity'
- In the window that opens, click the dropdown to select which legal entities share this same fiscal year setup
- 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
No Fiscal Years Exist
If you have no fiscal years set up, then you’ll need to create the first one by following these steps:
- Hover over 'Administration' in the top ribbon and click 'New Fiscal Year'
- In the window that opens, populate the fields and then click 'Save'. Fiscal periods will then be created according to the setting you selected (fields described below)
- Note: To verify that no fiscal years exist, you can check the list 'Fiscal Years' located under the 'Administration' tab in the 'Accounting' module.
Description of Fields
1) Legal Entity – The legal entity this fiscal year pertains to. If some legal entities don't show in the dropdown list, it's likely due to security reasons, especially since security is location-based. Any Legal Entity that shows 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.
2) Year – The year this record represents
3) Fiscal & Operational Combined Checkbox – If you want 2 separate fiscal year structures for a Legal Entity so reports can be run on a calendar year and other operational reports based on weeks and equal periods, then uncheck this box. By leaving it checked, you have 1 fiscal year structure.
- Note: When this is unchecked, fields show up for Operational Year settings that can be different than Fiscal year
4) Fiscal Period Structure – The following period structures are possible:
- 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
- Calendar Months– Will setup periods according to calendar months. By selecting this option, the User will not need to set a Fiscal Start or End Date because those will follow the calendar year
- Custom Periods – Allows the User to specify the dates for each period as described further down in this training
5) Fiscal Start Date – If Fiscal Period Structure is 4/4/5, 13-4, or Custom Periods, then the User must specify a Fiscal Start Date. The weekday of the Fiscal Start Date will determine the weekday that your fiscal weeks start on
6) Fiscal End Date – If Fiscal Period Structure is Custom Periods, then the User must specify a Fiscal End Date. For other fiscal period structure types, this will be populated automatically after saving the record
7) 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
8) 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 the Fiscal or Operational Period Structure is Custom Periods, then each period must be manually created in this section. To create Custom Periods, click the 'Edit' button just above the grid and enter information, including a period number (make sure this is a whole number), start date, end date, and period name. When finished, click 'Add'. Repeat this process until all periods have been entered and then click 'Edit Complete' just above the grid, and then 'Save'.
1) Financial - The entry grid for the Financial Calendar
2) Operational - The entry grid for the Operational Calendar
3) Period - The order of each period
4) Start - The beginning date of the period
5) End - The end date of the period
- Note: Ensure that there are no gaps in between the periods created either in a single year itself or in the reporting structure for a Legal Entity. Use the Fiscal Calendar report to assist in reviewing and confirming this for each year and each Legal Entity
6) Qtr - The quarter in which this period will take place
7) Period Name - The name of the period
8) Add Button - This button will add the line information into the grid. To edit a line in the grid, click the section (#3-7) that needs to be changed and its field will open for edits
9) Edit Complete - This button will initially say 'Edit'. Once clicked, it will become 'Edit Complete' and should only be clicked again once the grid is completed
10) + / - Size - This button will either increase or decrease the size of the grid
Editing Fiscal and Operational Reporting Periods
Navigate to the Administration menu under the 'Accounting' Module and click 'Fiscal Years'. A listing of all Calendars will appear in the grid. Double-click the Calendar that you want to view and edit.
Under the Fiscal Year heading, select the 'Custom Periods' option in the 'Fiscal Period Structure' drop-down menu and follow the steps noted in the Custom Periods section above to edit the selected Fiscal Year.