Financial Calendars: you can create and configure a container to hold settings for fiscal years and periods.
Financial Periods or Accounting Periods: you can create and add financial years to a calendar, and you can configure the quarters, parts, and weeks in each year.
Day Parts: you can configure the hourly breakdown of each business day. Day Parts typically are comprised of periods of time such as lunch and brunch, must span the whole 24-hour period, must account for all days in a week, and cannot overlap.
For example, if a restaurant designates 11:00 AM to 4:00 PM as the lunch period every day, but designates 10:00 AM to 2:00 PM as the brunch period on Sundays, you must create a day part from 10:00 AM to 1:59 PM for the Sunday brunch period and a 2:00 PM to 3:59 PM day part for the Sunday lunch period.
You can define and align calculations with your organization’s fiscal year and fiscal periods using financial calenders, or calenders partitioned for accounting purposes. Each calender contains a set of fiscal years, with each year broken up into financial periods and business weeks.
All levels and locations in the organizations are assigned to a default financial calendar and can be configured to adhere to customized financial calenders.