Setup: Financial: Maintenance: Year & Periods
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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.