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Financial year and periods

menu path : [Financial, Maintenance, Settings, Year, Period]

Create new financial year and periods

Most management reports allow you to compare the data of one or more financial years. Because each division can have its own local definition of the financial years and periods, you have to define a corporate financial year and period scheme in order to be able to compare the data across the organization.

To create financial year go to [Maintenance, Settings, Year, Period], click on "New".  You will get the following screen.

 

 

 

 

 

 Below are the explanation of the fields, when you create a new financial year:

 

Fields	Description
General
Year	Enter the company financial year.
Start date, End date	Specify the start date of your financial year and the end date.
Frequency	Using the frequency (monthly or 13), the system will create the periods accordingly till the end date. 13 means 13 periods of 4 weeks each.

After you have completed the information above, click "Save" to save the data.  The financial year would be created after you have saved it.

When you create a new financial year, the periods will be automatically generated. To check for the period created, click on the year to view the periods created.