Manually Adding Accounting Periods

CUSTADMIN access only

Depending on your current system set up, you may need to create a new financial year and accounting periods. These periods can either be set up for a financial year using a Populate period year wizard or each period created manually via the Period Maintenance window. This topic describes how to manually create accounting periods. If you prefer to use a wizard, refer toAdding Accounting Periods Using the Populate Period Year Wizard.

Manually creating a new financials year and account periods consists of:

Creating a New Financials Year

Creating the Required Accounting Periods

Enabling Accounting Periods for Document Posting

Creating a New Financial Year

  1. Select Maintenance, then select Period from the menu.
  2. The Period Maintenance window is displayed. Existing financial years are listed in the left-hand panel. To create a new financial year, select ADD NEW, then select YEAR.
    period-maintenance-add-new-year.png
  3. A <New item> is displayed in the left-hand panel and is automatically selected. Enter a code, in YYYY/YY format for the financial year in Year , together with a title in Title. To maintain consistency and easily identify financial years, we recommend adhering to any existing establishment/organisation naming conventions.
  4. Select the End date drop-down list, then select the year end date from the calendar.
    period-maintenance-end-date.png
  5. The short code is used by the software to identify the financial year during certain processes. Enter a suitable Short Code following any previous naming conventions. Typically the current year plus the last two digits of the last year is used. In the following example, 202122, has been entered.
  6. When all the financial year details have been entered, select SAVE.

The accounting periods can now be created as described in the next section.

Creating the Required Accounting Periods

In order for the year process to be run effectively, additional periods must be created alongside the periods created for each month of the financial year.

A standard financial year includes the following periods:

  • Period 00 - used for brought forward balances (end date 1st September).

  • Periods 01-12 - used when posting transactions throughout the financial year (end date is the last day of the month).

  • Periods 98 and 99 - used for the year end rollover (end date 31st August).

  • Period 97 (sometimes known as a Period 13) (Optional) - used for end of year audit adjustments (end date 31st August).

  1. From the Period Maintenance window, ensure the required financial year is selected in the left-hand panel (the financial year you created should be automatically selected). If it is not selected, from the left-hand panel, select the required financial year. Select ADD NEW, then select PERIOD.
    period-maintenance-add-new-period.png
  2. A <New item> is displayed under the selected financial year and is automatically selected.
    period-maintenance-new-period-listed.png
  3. Firstly, create Period 00 to store brought forward balances from the previous financial year. Enter the period code in Period, e.g. 00. To maintain consistency, we recommend following any existing naming conventions. Here are some examples:

    Period 00 - Opening Balance YYYY/YY
    Periods 01-12 - Month YYYY
    Period 98 - Transfer Balances YYYY/YY
    Period 99 - Roll Forward Balances YYYY/YY
    Period 97 (Optional) - Audit Adjustments YYYY/YY
    period-maintenance-period.png
  4. Enter a Title (typically the purpose or month plus the year, e.g. Opening Balance, September 2021/22) to identify the accounting period.
    To maintain consistency and easily identify account periods, keep consistency with your establishment/organisations naming guidelines.    period-maintenance-period-title.png
  5. Next, select the end date for the period from the calendar in End date.
    period-maintenance-period-end-date.png
  6. Create a new period for each additional accounting period required for a financial year, following the previous steps. When all periods have been created, select SAVE. Security settings then need to be applied to each accounting period to determine if an accounting period is available for documents to be posted to as described in the next section.
    period-maintenance-periods-added-save.png

Enabling Accounting Periods for Document Posting

Each accounting period that should be visible within the software must has security applied to make it visible.

If you have created a new financial year and accounting periods, but are not yet ready to post to these, we recommend leaving the security blank, to prevent users accidentally posting to the wrong year. The year can be opened in late August by changing the security settings as described in the following steps.

  1. On the Period Maintenance window, select the financial year from the left-hand panel. In the following example, Year 2021/22, has been selected.
    period-maintenance-financial-year-selected.png
  2. Select EDIT, to enable editing of the accounting period fields.
    period-maintenance-edit.png
  3. Select Expand (+) to display the accounting periods linked to the financial year. Select the required accounting period, then select the required State. In the following example, 00 - Brought forward balance 2021/22, has been selected.

  4. SAVE the details. .