Fiscal Years & Periods

Fiscal Years and Fiscal Periods are central to the management of accounting transactions throughout the year. Each Business Unit should have its own Fiscal Years and each year should contain Fiscal Periods.

Note: An open, current fiscal year must exist to work with products, orders, create prices, manage fiscal periods, create batches, and recognize deferred revenue. A best practice is to create the next fiscal year at least 6 months before the end of the current fiscal year. If the fiscal year is allowed to end without the creation of a new one, order creation will not function.

Fiscal Year

A Fiscal Year is the means by which staff can organize and review all of a year's accounting transactions. The Fiscal Year can be set to start on any date (not only Jan 1st) and is automatically set with 12 months in total. The Fiscal Year is divided into smaller Fiscal Periods.

The Fiscal Year allows accounting staff to:

• separate the fiscal year into periods,
• close and post batches within those periods,
• recognize deferred revenue from the Fiscal Period Record, and
• generate a mass ledger for all batches within that period.

The Fiscal Year is set up in the Business Unit.

For help in configuring the fiscal year, see Setting up a Fiscal Year.

Fiscal Periods

A Fiscal Period is a subdivision of a Fiscal Year. When creating a new Fiscal Year, staff can choose whether the year should be divided into 2, 4, 6, or 12 periods, though outside of unusual scenarios, the 12-period option should be selected.

Fiscal Periods permit batch management, creation of a mass ledger, and (for clients tracking deferred revenue) recognition of deferred revenue .

Periods created within the Fiscal Year are selectable during batch creation. Each batch must be assigned to a fiscal period.