Overview
Accounting Periods are the fundamental data element that captures accounting transactions in the dimension of time. When you install Accounting Seed, Accounting Periods for three calendar months back and twelve calendar months forward are automatically set up for you. These can be deleted if you are not using a traditional calendar year.
The format for an Accounting Period Name must be YYYY-MM. The month value must be between 01-12. Every calendar day in a fiscal year must be a part of one, and only one, Accounting Period, meaning there can be no gap in days between a prior period’s End Date and the next period’s Start Date.
When you access the Accounting Periods list view, you have the option to click New to set up a single Accounting Period or, you can click Create Accounting Periods to set up multiple Accounting Periods at the same time.
If using a traditional fiscal year, the Refresh Accounting Periods button is available to automatically update the Quarter and Year fields. For more information, refer to the Refresh Accounting Periods section below.
Do you want to:
Fiscal Calendars- Traditional Calendar Year
- Fiscal Years
- 4-4-5 Fiscal Calendar
- It creates opening balances for the next Accounting Period.
- It updates current year-to-date income in the current period.
- It locks the transactions belonging to that period from any changes. Periods can be reopened as needed.
- If elected, it also updates AR and AP Aging records.
Create Accounting Periods
When you access the Create Accounting Periods wizard, the Latest Accounting Period displays. For example, the Latest Accounting Period might display as 2024-12. In the Create Accounting Periods dialog box, enter the number of periods that you want the system to automatically create. The number in this dialog box defaults to 12. Use the plus (+) or minus (-) signs to change the number of periods in the dialog box, as necessary. The number in this dialog box can be between 1 and 60.
- Navigate to Accounting Home and click the Setup tab. Then, under the Ledger menu, click Accounting Periods.
- Click Create Accounting Periods. The Create Accounting Periods wizard displays with the Latest Accounting Period.
Note: Click here to view the above image in full screen.
- In the Create Accounting Periods field, 12 defaults as the number of periods. Use the plus (+) or minus (-) signs to adjust the number of periods, as necessary. Otherwise, enter a number from 1 to 60 for the number of period that you want to create.
- Click Next. The Update Criteria displays.
Note: Click here to view the above image in full screen.
- Review the existing periods. Use the Pencil icon to make changes to any of the fields, if necessary.
Note: The Quarter and Year columns are only applicable if you are using a traditional fiscal year. For more information, refer to the Refresh Accounting Periods section below.Note: Click here to view the above image in full screen.
- Click Preview Accounting Periods. Preview the information.
Note: If you need to make additional changes, click Back to return to the previous screen in the wizard. Then, use the Pencil icon to make changes, as necessary. Additionally, you can click Back twice to return to the first screen in the wizard. Then, adjust the Create Accounting Periods, if necessary.
- Click Create Accounting Periods. The new Accounting Periods are created and display in the list view.
Refresh Accounting Periods
If using a traditional fiscal year, clicking the Refresh Accounting Periods button will auto-populate the Quarter and Year fields on the selected Accounting Periods. The result of populating these fields will allow you to generate financial reports on a quarterly and yearly basis.
Note: While you can Refresh Accounting Periods with the Spring ’25 Preview 1 release, the ability to generate financial reports on a quarterly and yearly basis will be available in an upcoming release.
Before Refreshing Accounting Periods
Important: Before you click Refresh Accounting Periods, review the details below.
- This should only be used if you are utilizing a traditional fiscal year. If the Quarter and Year fields are not populated on the Accounting Period record, you will not be able to run financial reports on a quarterly or yearly basis (in a future release).
- If Refreshing Accounting Periods is used by a business that uses a non-traditional fiscal year, Accounting Period fields might be inaccurately populated.
- See below for examples of how the Quarter and Year fields will be automatically populated.
- The Quarter field will be auto-populated as follows: Accounting Periods YYYY-01, YYYY-02, or YYYY-03, will be updated to notate a Quarter of YYYY-Q1.
- The Year field will be auto-populated as follows: The Year field on Accounting Periods YYYY-01 through YYYY-12 will be auto-populated with the year from the End Date field on the YYYY-12 Accounting Period record.
If this does not match your fiscal calendar, it is recommended NOT to proceed.
- Navigate to Accounting Home and click the Setup tab. Then, under the Ledger menu, click Accounting Periods.
- Select a list view (other than the Recently Viewed list view).
- As a traditional fiscal year user, select the Accounting Periods for which you want to have the system automatically populate the Quarter and Year fields.
- Click Refresh Accounting Periods. The Refresh Accounting Periods dialog box displays.
Note: Click here to view the above image in full screen.
- Make sure that you have read through the Before Refreshing Accounting Periods section above.
- Click Refresh Accounting Periods. When this process completes, the system will return to the list view with the Quarter and Year fields populated for the selected Accounting Periods.
Create a Single Accounting Period
- Navigate to Accounting Home and click the Setup tab. Then, under the Ledger menu, click Accounting Periods.
- Click New.
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Enter the Accounting Period Name, Start Date, and End Date. The status automatically displays as Open.
Note: Remember that the format for an Accounting Period Name must be YYYY-MM. The month must be a value between 01-12. For example, 2024-05 represents the 5th Accounting Period in the 2024 fiscal year. - Click Save.
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Spring '25 Preview 1 Release
- This release includes the ability to set up multiple Accounting Periods at the same time.
- If using a traditional fiscal year, the Refresh Accounting Periods option is available.
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