Creating Years and Periods

You can create years and periods for multiple companies simultaneously by using the Create Years and Periods task on the Accounting Task Launcher. For more information see the Accounting Task Launcher Overview topic.

To create a new financial year in your current company only:

  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 basis.
  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. 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 want to edit or delete respectively.
  11. [Optional] Assign each period to an appropriate Period Group, such as Q1.
  12. [Optional] From the Periods tab, select the Hard Close - All GLAs option to close the new period. You can open it up again at any time before year end.
  13. Make any other necessary changes.
  14. When you have finished editing the period details, click Save.
  15. Repeat for the other accounting periods in the related list.

Ensure that the currencies of the specified Retained Earnings GLA and the Suspense GLA are set up as one of the accounting currencies of the company.