Creating Years and Periods

To create a new financial year in your current companyClosedThe company in which you are working. This is represented by the company queue to which you, and new instances of objects you create, are assigned.:

  1. Make sure you are in the appropriate company for this new financial year.
  2. Click the Years tab.
  3. Click New next to Recent Years on the home page.
  4. Give the new financial year a name, such as "2011". See About Financial Years and Periods for important advice about naming.
  5. Enter the first day of the new financial year, the required number of accounting periods and select a period calculation basisClosedDefines the interval between end dates when you split a financial year into periods.
  6. [Optional] In the Year End Detail section, amend the general ledger accounts and mode to use during the year end process.
  7. When you have finished, click Save to save. Do not click Save and New. You cannot calculate periods for a year once you have created a subsequent year. If you do this, you must delete all years, except the first, and start again.
  8. Click Calculate Periods and then confirm to generate the specified number of periods and their respective end dates.
  9. Examine the Periods related list.
  10. [Optional] Click Edit or Del next to any period that you need to edit or delete respectively.
  11. [Optional] Assign each period to an appropriate Period Group, such as Q1.
  12. [Optional] Select the Final Close checkbox to close the new period. You can open it up again at any time before year end.
  13. Make any other changes.
  14. When you have finished editing the period details, click Save.
  15. Repeat for the other accounting periods in the related list.