Use this setup to configure the Fiscal Period for a specific Legal Entity or to compile Fiscal Periods.
Topics:
You can add or edit a Fiscal Period.
To add or edit a Fiscal Period, do the following:
1. During the Deployment Process, the User with the Administrator Privileges can set up Fiscal Periods using this procedure or after the Deployment Process, the Administrator can manage the Fiscal Periods by navigating to the Fiscal Period Settings. To navigate to the Fiscal Period Settings, on the Home Page, click Administration, and click Fiscal Period.
The Fiscal Period Settings Page is displayed. During the Deployment Process, User with the Administrator Privileges can set up Fiscal Periods using the same procedure.
2. On the Setup Tab, there are four built-in Fiscal Year Quarters. They are Quarter 1, Quarter 2, Quarter 3, and Quarter 4. Select the required Quarter for a specific Entity and then proceed to add or edit a Fiscal Period.
3. To create a new Fiscal Period, do the following:
a. Click Add Fiscal Period. A new row is added in the Fiscal Periods list with a new Fiscal Period Name and other details. To edit the Fiscal Period Name, double-click the Fiscal Period Name Value and do the changes.
b. To select the starting month for the Fiscal Period, double-click the Start Month Value and select the required value in the list. By default, this field displays January.
c. To select the starting day of the selected Fiscal Period Start Month, double-click the Start Day Value and select the required value in the list.
d. Similarly, select the Values for End Month and End Day for the selected Fiscal Period. You need to verify these values for all Quarters.
4. To edit an existing Fiscal Period, double-click the Values of the Fiscal Period Name, Quarter Name, Start Month, Start Day, End Month, End Day, and then do the changes.
5. Click Save to save these details for the new or edited Fiscal Period.
6. To delete an existing Fiscal Period, click the Delete Button associated with it.
A Warning Message is displayed: Do you want to delete <Fiscal Period Name>? with Yes and No. Click Yes to delete the Fiscal Period.
NOTE:
The Fiscal Periods set up in this Fiscal Period Module are associated with the Legal Entity. This Fiscal Period Attribute is sourced as a part of the Legal Entity.
To assign a Year or a Fiscal Year for the Fiscal Periods of the Legal Entity, use the Compile Fiscal Periods Process.
To compile a set of Fiscal Periods for a Year, do the following:
1. During the Deployment Process, the User with the Administrator Privileges can set up Compile Fiscal Periods using this procedure or after the Deployment Process, the Administrator can compile the Fiscal Periods by navigating to the Fiscal Period Settings. To navigate to the Fiscal Period Settings, on the Home Page, click Administration, and click Fiscal Period. The Fiscal Period Settings Page is displayed. Select the Compile Tab. During the Deployment Process, User with the Administrator Privileges can set up Fiscal Periods using the same procedure.
2. On the Compile
Tab, select a range for a Year. Click Start
Date and select the required value. Then click End
Date and select the required values. Click Compile.
A Calendar of Fiscal Periods for the Legal Entity for the selected Date
Range is generated.