Opening a New Fiscal Year

Before you can post in a fiscal year, you must open the fiscal year and define its accounting periods.

To Open a New Fiscal Year:

  1. Open the Accounting Periods window.

  2. Click Create Year.

  3. On the Options tab, define the structure of the fiscal year. The fiscal year is normally 12 periods of one month each, but you can also divide it in other ways.

  4. Fill in the fields. For Help about a specific field, click the field and click F1.

  5. Click OK.

The program creates the accounting periods and shows the result. It fills in the Starting Date field and fills in the Name field with the name of the month from the starting date.

After the last period in the fiscal year, the program inserts an accounting period with a check mark in the New Fiscal Year field.

Related Topics

Specifying Posting Periods

Closing Accounting Periods

Closing the Income Statement Accounts