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. Another thing to keep in mind is when a customer wants to bring in history for certain years in past, always go back one more year to add ending balances (For example:  a customer wants full year history from 2017 to 2024, then include 2016 as one whole period from 1/1/2016 to 12/31/2016 as 1 period to import ending balances for 2016).

Pre-Requisites

1. Companies

Access the Master module.
 Click Administration.
Click Accounting Period.

Create New Accounting Period

Open

Click Setup.

Specify a Company option.
Specify a Year value. For example: 2021

Select a Type option.
Specify a First Month value. For example: 1
Specify a First Period value. For example: 1
Specify the Number of Periods in the year. For example: 12 
Click Setup.

Validate that the Period, Open Date, Close Date, and Quarter information is correct and make any necessary adjustments.
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.

Change An Accounting Period Status.

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.
In the bottom section of the screen, in the Selected Account Period Detail section, change the Status option.
Click Save

Important

Note: DO NOT change the Fiscal Year or Accounting Period number values in the Selected Account Period Detail section.