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.
13-Period Fiscal Year
Some companies operate on fiscal periods that do not align with standard calendar months. In such cases, a fiscal year may consist of 13 operating periods instead of the traditional 12. Rootstock supports this structure by allowing organizations to define a fiscal year with 13 periods, rather than 12.
For organizations with multiple companies, it is recommended to maintain consistent fiscal start and end dates across all entities to ensure financial cutoff data integrity, particularly when financial consolidation is required. The configuration decision to use 13 periods is a global setting (all companies in the org will follow a 13 period fiscal calendar) and cannot be reverted if a fiscal year record exists.
Setup for 13-Period Fiscal Year
Use 13 Operational Periods: Must be checked to use 13 operational periods in each Fiscal year vs the normal 12 period per year. This must be set by Rootstock Support.
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.
NOTE When the user sets the flag 'All Periods Closed to Postings' to True, the system sets the 'Closed to Postings' as True for all the periods.
All Periods Closed to Adjustments: Check this checkbox when adjustments are no longer allowed for the entire Fiscal Year.
NOTE When the user sets the flag 'All Periods Closed to Adjustments' to True, the system sets the 'Closed for Adjustments' as True for all the periods.
Year-End Adjustment Period is Open: When checked, it indicates that the adjustment period is open. This can only be checked when the last period of the fiscal year's “Closed for Postings” flag is checked.
NOTE The user can set this flag 'Year-End Adjustment Period is Open' to True based on the following:
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- When 'Use 13 Operational Periods' is set to True on the System Configuration record and Period 13 'Closed to Postings' on the Fiscal Year is set as True.
- When 'Use 13 Operational Periods' is set to False on the System Configuration record and Period 12 'Closed to Postings' on the Fiscal Year is set as True.
Prior Year Retained Earnings: Valid active GL Account where the GL Account Type = Capital.
NOTE This drop-down field only displays the GL Accounts having 'GL Account Type' as 'Capital' and 'Retained Earnings Account' as True.
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
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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)
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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.
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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 or period 13 '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:
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A period must be closed to postings before it can be closed for adjustments.
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No period can be closed to postings if any prior periods are open to postings.
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No period can be closed for adjustments if any prior periods are open for adjustments.
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Before a period can be reopened to postings, it must be open for adjustments, and all later periods must be open to postings.
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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)
