Before you create or make any financial entries, it is necessary to create the financial years.
Go to Financial/Setup/General/Financial years/Periods. Then, click New.
To create new financial years, function right 195 - Maintain years/periods is required. Users with the Controller role have this function right.
For more details on what you can do with function rights or levels, go to System/Setup/Security/Function rights, select the required module, and then click on the relevant ID. To find out the functions you can perform with a particular role, go to System/Setup/Security/Roles, type in the description, click Refresh and then click the required link under the Role column.
Click this to generate the new financial year.
Click this to exit.
Type or select a division to create financial years for the division. This field is mandatory. For more information, see Creating and Modifying Division.
Note: When generating a financial year, for example 2007 for a reporting entity, the financial year for all its subsidiaries will be automatically generated. However, if the subsidiary's last financial year is 2005, it will not have consecutive financial years if year 2007 is generated.
Type a year that you want to create.
Type or select a start and end date for the financial year.
Select a frequency for the new financial year. You can choose from Yearly, Half yearly, Every 4 months, Quarterly, Monthly, or Every 4 weeks. Your selection here will be reflected in the Period column in Displaying Financial Years.
Select the check box to generate the period mapping for the reporting entity and its subsidiary together with the new financial years. The financial years for the subsidiary will only be generated if the relationship between the reporting entity and its subsidiary has been defined at the division card. For more information, see Creating and Maintaining Consolidation Records.
Note: This is enabled only when the division selected is a reporting entity and if you have the module license YA1040 – Financial consolidation and option 470.