Accounting Periods
This functionality will save you and your team time for generating reports, simplifying system navigation, and allowing you to view document-level Accounting Periods.
Create New Accounting Periods
Accounting > Accounting Periods > +
To create a new Accounting Period, click the + on the Explorer or on the List.
Fields
| Field | Notes |
|---|---|
Name (Mandatory) | Provide a name (e.g. P1, P2…) |
Start Date (cannot be edited) | The system automatically populates based on the entered end date of the previous accounting period. If there is no such accounting period, the start date will be the beginning of the fiscal year. |
End Date (Mandatory) | Users must enter an End Date. Accounting Periods cannot overlap. |
Status | Use the dropdown to set the Accounting Period to ‘Open’ or ‘Closed’. |
Owner (cannot be edited) | This refers to the Owner of this document. Depending on who is logged in. |
Period # (cannot be edited) | The system automatically populates. |
Financial Year (cannot be edited) | Automatically filled in by the system when the end date of the period changes but can be edited. This field cannot be empty. |
Accounting Period Status
Open: This indicates that users can post transactions and journals.
Closed: Users can close Accounting Periods at any time. Normally businesses close their accounts at the end of a working period (e.g. monthly, quarterly, annually). Users can close Accounting Periods individually or in bulk.
Allow Journals: Users will be able to allow journals on Closed Accounting Periods. When a Period is set to ‘Closed’, the document will show a checkbox labeled ‘Allow Journals’. Check this and click Save. On the Accounting Periods List, the ‘Allow Journals’ column will display a check mark indicating that the Period allows Journals.
Accounting Periods List
Accounting > Accounting Periods
Users can create, view and edit Accounting Periods from the Accounting Periods List.
List all Accounting Periods or List Closed Accounting Periods via the Action Bar.
Actions
To change status in bulk, select the checkboxes next to each Accounting Period you want to change, then go to Actions and select Open Accounting Period(s)/Close Accounting Period(s).
Transactions Lists: Generic Actions
On Sales Document Lists (i.e. Invoices List)
Filter by Accounting Periods
Using the Advanced Search tab, users can filter by one or more periods on transactions lists. Perform Search and the system will display the posting transactions that correspond to the selected periods.
Display Period Column
Via the Extra Columns tab, check the Period checkbox then Perform Search. The Period will be displayed. If the Period is closed, a lock icon will appear. If there is no Accounting Period to the date of the transaction, the cell will remain empty.
Editing Accounting Periods
Accounting > Account Periods > View > Edit
Both ‘Name’ and ‘End Date’ can be edited once the Accounting Period has been saved. Put the document in Edit Mode, make the relevant changes then click Save.
To delete, view an Accounting Period, go to Actions and Delete.
To Allow Journals, the Accounting Period must be closed. View the Accounting Period, check the ‘Allow Journals’ checkbox and click save. On the List, the ‘Allow Journals’ column will be updated and should display a checkmark.
Transactions and Accounting Periods
To enable this function, “Display the Period on Transactions” must be activated via the Configurations page.
Period Field on Transaction Documents
When viewing/creating/editing a posting transaction, the system will display the accounting period under the date of the posting transaction. When hovering over the “Period” field, the system will show additional information about this period.
If there is no Accounting Period for this transaction, the field will remain empty.
Reports and Accounting Periods
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