Create Accounting Periods

Use the Accounting Period maintenance screen to create, edit, close, and open Accounting Periods.

Note: Accounting Periods must be created in date order. For example, be sure to create 2012 before creating 2013; create 2018 before creating 2019.

Pre-Requisites

1. Companies

Step-by-Step Guide

1. Access the Master module.
    
2. Click Administration.
   
   
3. Click Accounting Period.
   
   
4. Click Setup.
   
   
5. Specify a Company option.
   
   
6. Specify a Year value. For example: 2021
   
   
7. Select a Type option.
   
   
8. Specify a First Month value. For example: 1
   
   
9. Specify a First Period value. For example: 1
   
   
10. Specify the Number of Periods in the year. For example: 12 
    
    
11. Click Setup.
    
    
12. Validate that the Period, Open Date, Close Date, and Quarter information is correct and make any necessary adjustments.
    
    
13. Click OK.
    The new Accounting Periods have now been created. They are in the New status and cannot be used until placed into the Open status.
    
    
14. Optional:
    
    
    1. To change an Accounting Period status, locate the Accounting Period you wish to change in the Accounting Period List for Company: ZZZ listing and select it.
       
       
    2. In the bottom section of the screen, in the Selected Account Period Detail section, change the Status option.
       
       
    3. Click Save.
       
       Note: DO NOT change the Fiscal Year or Accounting Period number values in the Selected Account Period Detail section.