Once you have created Financial Periods, they will be added to Transactions and displayed in reports.
Financial Periods will also prevent transactions from being posted to the period when the intended period is closed. New transactions can still be allocated to transactions dated within the period, but no transaction created once a financial period is closed can have a posting date within that period.
If you are setting up Financial Periods for the first time, it is recommended that a single Financial Period is created as a catch-all for previous periods. At a minimum, the current and next Financial Periods should be created; however, best practice suggests creating the entire year of Financial Periods. The subsequent year Financial Periods should be created at least three months prior to year end.
Best practice would be to keep only current and next Periods open at a time.
Set the Feature Flag
In Settings>All Settings>Features, make sure the flag Financial Periods is ON.
Create a Financial Period
- Navigate to Accounting>Accounting Settings>Financial Periods.
- Financial Periods can be searched by Period, Year, Description, or Status (open/closed) by clicking on the icon.
- Click + Add Financial Period.
- In the resulting new row, enter a Period, End Date, Financial Year, and optionally a Description.
Period #: this is a free text field.
Start Date: if this is your first Financial Period, you will be able to set a Start Date. This field subsequently defaults to the day following the last day of the previous Period and is not editable.
End Date: choose a date after the Start Date.
Financial Year: this is a free text field.
Description: this is a free text field.
Status: the new Period is open by default.
- Click Save.
Edit a Financial Period
Click Edit to make changes to a Period.
The fields Period #, Financial Year, and Description are always editable.
The field End Date is editable only with the last Period.
Close a Financial Period
Click Close for an open Period.
Re-open a Financial Period
Click Open for a closed Period.