Before you use Periods, you should understand what is meant by your Accounting Period and Financial Year and therefore your accounting reference date. Please speak to your director or accountant if you need clarification.
When adding and modifying periods please ensure all the details are correct. Any data fixes that have to be performed due to incorrect configuration will be charged for.
When creating or modifying periods, it is checked that:
- The dates you have entered do not overlap with other periods.
- There is no gap before the start date of a new period.
- There is no gap after the end of a period (the exception being the last period).
Periods can be automatically created using the option Auto Create Periods.
A period must be active for transactions to be posted. Each period has settings for:
- Financial year – this is often not the same as the calendar year
- Period number
- Start date
- End date
- Sales – the sales period can be open or closed
- Purchase – the purchase period can be open or closed
- Active – a period must be active to allow posting
Horizon users can be given access to Periods in Define Security.
See Also
