Opening a New Fiscal Year
To open a new Fiscal Year you have to follow following 5 steps.
- Open the Accounting Periods window( Financial Management –> Setup–> Accounting Periods).
- Click Create Year.
- On the Options tab, define the structure of the fiscal year. The fiscal year is normally 12 periods of one month each, but you can also divide it in other ways.
- Fill in the fields. For Help about a specific field, click the field and click F1.
- Click OK.
The program creates the accounting periods and shows the result. It fills in the Starting Date field and fills in the Name field with the name of the month from the starting date.
After the last period in the fiscal year, the program inserts an accounting period with a check mark in the New Fiscal Year field.
After the last period in the fiscal year, the program inserts an accounting period with a check mark in the New Fiscal Year field.
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