Overview
This program is used to define the user company’s fiscal calendar. A record must exist for every year in which an accounting transaction can be generated.
Prerequisites
Navigation
Financial System Admin > Fiscal Year
Processing
Fiscal Year – add or edit
Key Fields
Header Section
Company: The Company for which the given GL Year applies.
Fiscal Year: The Fiscal Year the given record represents. Must be a 4-digit value (YYYY) between 2000 and 2199.
Beginning Balances Set: Check checkbox once Beginning Balances have been established. The field is for reference only.
NOTE About the meaning of "adjustments" in the next three fields. Two kinds of postings qualify as adjustments: General Journal Entries and postings from the Unrealized Foreign Exchange (UFX) function. These are distinguished from postings from source business transactions because they continue to be made after the period is closed to business transactions.
All Periods Closed to Postings: Check this checkbox when non-adjustment postings are no longer allowed for the entire Fiscal Year.
All Periods Closed to Adjustments: Check this checkbox when adjustments are no longer allowed for the entire Fiscal Year.
Year-End Adjustment Period is Open: When checked, it indicates that the adjustment period is open. This can only be checked when the period 12 “Closed for Postings” flag is checked. It is automatically unchecked when period 12 “Closed for Postings” is unchecked or Period 12 “Closed for Adjustments” is unchecked.
Prior Year Retained Earnings: Valid active GL Account where the GL Account Type = Capital.
Cumulative Translation Adjustment (CTA): Valid active GL Account where the GL Account Type = Capital.
Prior Year CTA: Valid active GL Account where the GL Account Type = Capital.
Associated GL Year in Parent Company: This field provides a reference to the associated Fiscal Year in the Parent Company of the Company for which the given GL Year applies.
NOTE
-
When the user creates a new Fiscal Year for the Parent Company and if the Subsidiarheny Company already has the equivalent Fiscal Year, then the 'Associated GL Year in Parent Company' field on the Subsidiary's equivalent Fiscal Year is updated to the created Fiscal year (or)
-
When the user creates a new Fiscal Year for the Subsidiary Company and if the Parent Company already has the equivalent Fiscal Year, then the 'Associated GL Year in Parent Company' field on the created Fiscal Year is set to the Parent Company's equivalent Fiscal Year.
-
Similarly, the 'Associated GL Period in Parent Company' field on the fiscal period for the Subsidiary company is linked to its equivalent fiscal period of the Parent Company when a fiscal period exists for both companies.
Period Dates and Status Tab
(Period) Starting Date: The beginning date for the period.
NOTE The system will set the Period 1 'Starting Date' to the next date of last year's Period 12 'Ending Date'. The Periods will be auto-generated for the selected Fiscal Year if the field 'Default Auto Create 12 Monthly Periods' on the Financial Company Master is checked.
(Period) Ending Date: The ending date for the period.
(Period) Closed to AP Postings: When checked, no further posting for Accounts Payable Transactions / Sessions to the period is allowed. Use of this checkbox is optional. If (Period) Closed to Postings is checked, AP postings will be blocked just as if (Period) Closed to AP Postings were checked.
(Period) Closed to AR Postings: When checked, no further posting for Accounts Receivable Transactions / Sessions to the period is allowed. Use of this checkbox is optional. If (Period) Closed to Postings is checked, AR postings will be blocked just as if (Period) Closed to AR Postings were checked.
(Period) Closed to Postings: When checked, no further posting to the period for all transactions except General Journal Entries and postings from the Unrealized Foreign Exchange process is allowed.
(Period) Closed for Adjustments: When checked, no further posting to the period for General Journal Entries or postings from the Unrealized Foreign Exchange process is allowed.
Required Sequence of Events:
-
A period must be closed to postings before it can be closed for adjustments.
-
No period can be closed to postings if any prior periods are open to postings.
-
No period can be closed for adjustments if any prior periods are open for adjustments.
-
Before a period can be reopened to postings, it must be open for adjustments, and all later periods must be open to postings.
-
Before a period can be reopened for adjustments, all later periods must be open for adjustments.
SEE ALSO
Financial Company Master
GL Accounts (Chart of Accounts)
