Introduction: Fiscal Years are set up for reporting, financial documents, postings, and assigning/planning grids.
Description: Fiscal Years are broken down into quarters, months, weeks, and days. Accounting Periods are required if Financials are implemented and are used to control the periodic reporting in the General Ledger and associated reports.
- Fiscal Years must be set up to accommodate financial level Historical Data (GL Trial Balances). ***It is critical that you review your fiscal periods to ensure they are correctly defined prior to posting any Financial documents.*** Once a Financial document is posted, the underlying fiscal period CANNOT be changed, even if the Financial document is voided.
- Transactions cannot be entered against a Fiscal Year until the Fiscal Years are configured.
Examples: The following are examples of fiscal years:
- Calendar Year Fiscal Year with monthly Fiscal/Accounting Periods
- Non-Calendar Fiscal Year (e.g. July to June fiscal year) with 4-4-5 week Fiscal/Accounting Periods
Navigate: Admin > Setup > Accounting > Fiscal Years