Setting Up Single Accounting Periods for Subsidiaries
Setting up accounting periods individually can create incomplete or incorrect period rollups. Make sure to review the accounting period rollups on the Manage Accounting page and verify each fiscal year is complete and correct. Do this for each fiscal calendar.
Each day must belong to an accounting period to ensure accuracy in reporting.
To set up accounting periods individually for a fiscal year:
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first set up a year
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set up quarters if desired
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set up base periods
To set up a new fiscal year:
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Go to Setup > Accounting > Manage G/L > Manage Accounting Periods.
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Select the fiscal calendar.
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Click New Year Only.
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Enter Period Name.
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Enter a start date and end date for the period.
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Verify the fiscal calendar selected is correct.
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Click Save.
To set up a new quarter:
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Go to Setup > Accounting > Manage G/L > Manage Accounting Periods.
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Select the fiscal calendar.
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Click New Quarter Only.
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Enter the Period Name.
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Enter a start date and end date for the quarter.
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Verify the fiscal calendar selected is correct.
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For Sub-period of, select the fiscal year to which this quarter belongs.
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Click Save.
To set up a new period:
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Go to Setup > Accounting > Manage G/L > Manage Accounting Periods.
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Select the fiscal calendar.
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Click Base Period and then enter the Period Name.
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Enter a Start Date and End Date for the period.
The Allow Non-G/L Changes box is read-only unless the period is locked or closed.
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Verify the fiscal calendar is correct.
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Check Period is Adjustment to mark this period only for adjustment journal entries.
The date range for adjustment period must overlap an existing accounting period.
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In the Fiscal Calendar column, if the period is for the Standard Fiscal Calendar, in Sub-period of column, select a period to be its parent period.
You can also add a new row and select the fiscal calendar to use for the accounting rollup and the parent period. For example, when creating a period for June 2015, you can select Q2 2015 for the Sub-period of field.
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Click Save.