Managing Fiscal Years and Periods
Fiscal years and periods determine where and when accounting entries are accepted.
Create the year
Set the year start and end dates, and the system creates twelve monthly periods.
- Fiscal years cannot overlap.
- Year dates cannot be changed after creation.
Soft and hard close
Use soft close to stop daily postings while allowing adjustments, then hard close after review.
- An open period accepts all entries.
- A hard-closed period accepts no posting.
Closing sequence
Close periods in order and close the year only after every period is closed.
- A period can be reopened while the year remains open.
- A year containing entries cannot be deleted.
