Interprise Suite 2008 Help Send comments about this topic.
Define Accounting Periods
Getting Started > Setting Up a New Company > Accounting Setup > Define Accounting Periods

Glossary Item Box

 

Introduction About:

 

 

Accounting Periods are the intervals to which an accounting or fiscal year is divided. It is required that you set up your beginning and ending period dates and period interval with respect to your fiscal year. In Interprise Suite, users can effectively have as many periods as they may need. And the fiscal year could start at any date. The same goes for the fiscal periods.

 

 

Note:
 To be able to exit the New Company Wizard, you will need to set up the accounting periods of your company even if you have specified to use all the defaults when creating the company database.

 

To go to the Accounting Period setup, click on Accounting Period under the Accounting Setup category.


After completing the accounting period setup, you can move on to the other setup items from the Setup menu in each module in Interprise Suite.


 

Terminology Steps: 

 

 

Define Accounting Periods

 

  1. From the Accounting Period screen of the New Company Wizard, click on the New button. Or, from the Accounting Module, select Accounting Period under the Setup menu. The New Accounting Period Wizard will display.
  2. Follow the steps in setting up new accounting periods:

Step 1
 Click Next button to start. 

 

Step 2 – define accounting fiscal year and period interval
Select the interval of the each period for your new fiscal year. The options are Weekly, Bi- Weekly and Monthly. Specify the start and end dates for the fiscal year. Important! If you get the fiscal year wrong, you will need to start again. You may optionally enter a fiscal year Description or use the default. The Fiscal Year Code is autogenerated. Click Next button to continue.

 

Step 3 – define current period
Select the current period and specify the Start and End Date. All periods before the selected period will be closed. Click Next button to continue.

 

Step 4 - refine accounting periods
In the last step of the wizard, click Finish button to exit. The Accounting Period screen is now populated with the accounting period. You may change or accept the predefined period description, edit the period start and end dates, add or remove periods. See the How To topic list for more information.

 

 

Notes:
The color indicators in the Status column determine the status of each period. Amber indicates the current period, Green indicates the open or future periods, and Red indicates the closed periods.

 

How To How To:

ShowMaintain Accounting Periods

  1. Go to the Accounting Module.
  2. Select Accounting Period under the Setup menu to display the Accounting Period form.
  3. Edit the details as necessary and save before closing the form.

 

ShowChange Period End Dates

Interprise Suite has allowed for the event that the company would change the length of the fiscal year e.g. shorten or lengthen the fiscal year when they have come to a point when they need to change their fiscal year. Note that the end date for the current and closed periods cannot be amended.
To change the starting or end dates,

  1. In the Accounting Period form, select the date in the End Date column. The starting date and end date for the succeeding periods should be adjusted accordingly.
  2. Save the details before closing the Accounting Period form.

 

ShowSet Current Period

Note that you cannot change the current period anymore if there are transactions entered in the current fiscal year. To change the current period,

  1. In the Accounting Period form, select the current fiscal year from the Fiscal Year field pulldown.
  2. Select the period from the table. You can select either a closed or open period to set as the new current period.
  3. Click on the Set As Current Period option from the toolbar.  All periods before the current period will be closed.

 

ShowAdd a Period

You may lengthen your current fiscal year by adding a period next to the last period. To add a new period,

  1. In the Accounting Period form, right-click on the last period in the Accounting Period table and select Add Period.
  2. Select Yes in the prompt to insert a new period. The next fiscal year will be adjusted if any.
  3. You may change the default period description, start and end dates.

 

ShowDelete Periods

A period can be deleted as long as it is a future period. Journals in the unposted file will be updated with the new period or the next available period. To delete a period,

  1. In the Accounting Period form, select the period from the list.
  2. Click on the Delete option in the toolbar menu.
  3. Choose Yes in the prompt to delete.

 

ShowDelete a Fiscal Year

Note that only the future fiscal year can be deleted.  The current and the last fiscal years cannot be deleted. To delete a fiscal year,

  1. In the Accounting Period form, select the fiscal year from the Fiscal Year field pulldown.
  2. Click on the Delete button from the toolbar menu.
  3. Choose Yes in the prompt to delete.

 

 

Next Steps Next Steps:

Converted from CHM to HTML with chm2web Pro 2.76 (unicode)