3.3.2.2.1 Set Up Fiscal Periods

Using this setup, you can:

  • Add a new Fiscal Period to establish reporting timelines.
  • Edit an existing Fiscal Period to update details such as start and end dates.
  • Open or close posting periods to control financial entries.
To add or edit a Fiscal Period, perform the following steps:

To access this page:

  1. To navigate to the Fiscal Period Settings screen, on the Home page, click User Menu > Administration > Fiscal Period.

    The Fiscal Period Settings page is displayed.

Adding Fiscal Period

  1. Click the Setup tab, the four built-in Fiscal Year Quarters are displayed: Quarter 1, Quarter 2, Quarter 3, and Quarter 4.
  2. Select the required quarter for a specific Legal Entity before proceeding.
  3. Click Add Fiscal Period to add a new row in the Fiscal Periods list.
  4. Double-click the Fiscal Period Name to edit and update it.

    Note:

    The Fiscal Period Name and Quarter Name must contain 50 or lesser characters.
  5. Double-click the Start Month field and select the required month (default: January).
  6. Double-click the Start Day field and choose the appropriate start day.
  7. Similarly, select the End Month and End Day values.
  8. Verify these values across all quarters before proceeding.
  9. Click Save to save the added fiscal period for the selected quarter.

Editing the Fiscal Period

  1. Follow the above steps, and double-click on any of the field to edit the values.
  2. Click Save to save the modified changes.

Deleting the Fiscal Period

  1. To delete an existing Fiscal Period, click the corresponding Delete icon.

    A confirmation message is displayed. Acknowledge the message.

    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.