Overview
The current fiscal year is set up in the General Ledger Setup Wizard; however, the General Ledger module allows you to create past and future fiscal years as well as noncalendar fiscal years.
Note It is only necessary to create future fiscal years if your period ending dates change each year or if you are posting to future fiscal years. Year-end processing automatically creates the next future fiscal year using the current year as the default if the next future fiscal year has not been manually created.
Before You Begin
To set up a company with a noncalendar fiscal year, you must first define a fiscal year for the company in the General Ledger Setup Wizard, and accept the default starting and ending dates that default for all 12 accounting periods.
Use one of the following methods to create a fiscal year or noncalendar fiscal year
To create a fiscal year
-
Select General Ledger Setup menu > Fiscal Year Maintenance.
-
In the Fiscal Year field, enter the fiscal year to create. For more information, see Fiscal Year Maintenance - Fields.
-
In the Number of Accounting Periods field, enter the number of accounting periods for the new fiscal year.
Note The Starting and Ending dates for each period in the fiscal year default based on the dates entered for the current fiscal year.
-
Change the default period-end dates as necessary by clicking the Calendar button for a period and selecting an ending date. If the Period 1 ending date is changed, click the Calculate Dates button to recalculate the subsequent periods' ending dates.
-
Click Accept.
The fiscal year is created.
To create a noncalendar fiscal year for a new company
-
When you access the General Ledger module for a new company for the first time, the General Ledger Setup Wizard appears. When setting up fiscal periods in the Wizard, select a fiscal year and accept the default period values. Complete the General Ledger Setup Wizard.
-
Select General Ledger Setup menu > Fiscal Year Maintenance.
-
In the Fiscal Year field, verify the current fiscal year displays. For more information, see Fiscal Year Maintenance - Fields.
-
Change the Starting Date and Ending Date fields for Period 1 of your calendar year.
Note You can only change the Starting Date field if there is only one fiscal year defined. If more than one fiscal year is defined, the Starting Date field cannot be changed.
-
Click the Calculate Dates button. Starting and Ending dates for Periods 2 through 12 adjust automatically.
-
Click Accept.
The noncalendar fiscal year is created.
