Accounting Periods

Previous  Top  Next

 

Menu Navigation

 

Setup ... Application ... General Ledger ... General Options ... Setup Periods

 

 

About Accounting Periods

 

Accounting Periods are automatically maintained by the ManageMore general ledger system.  For those companies who operate on a standard monthly cycle, there will be little use for accounting period setup.  However, the program also allows alternate fiscal period cycles such as weekly, every four weeks, and 5-4-4.  You can even close periods to prevent financial data entry.

 

This feature requires activation in Setup General Ledger.  Please note that this feature may not be included in your software license.

 

 

In this Topic

 Quick Help - Using Accounting Periods

 Field by Field Help - Fiscal Year screen

 Editing Fiscal Periods

 Field by Field Help - Fiscal Period screen

 Q & A - Accounting Periods

 

 

Related Topics

 

 

 

 

Quick Help - Using Accounting Periods

 

1)If necessary, activate fiscal periods using the setting provided in Setup General Ledger.
2)Select the Setup Periods button.
3)Click the Add button to add a new fiscal year, or Edit an existing fiscal year.
4)Choose the Calendar Type to use.
5)Click the Fiscal Periods tab to select and edit fiscal periods.

 

(Note:  The user must close and re-open the company for this setting to take effect.)

 

 

 

 

Field by Field Help - Fiscal Year screen

 

 

Calendar Properties

 

Fiscal Year

Displays the fiscal year this setup is going to affect.

 

Description

Enter the description of the fiscal year. This value is used to identify this fiscal year.

 

Fig12-8

Figure 14-6.        Fiscal Year screen

 

Calendar Type

Choose the calendar type for this fiscal year.  Choose from the following:

 

MonthlyThe program will create one period per month for a total of 12 periods.

 

Monthly plus year-end closingThe program will create one period per month plus one period for the year ending for a total of 13 periods.

 

BiweeklyThe program will create one period per two weeks for a total of 26 periods.

 

WeeklyThe program will create one period per week for a total of 52 periods.

 

Every four weeksThe program will create one period per four weeks for a total of 13 periods.

 

5-4-4The program will create a period for five weeks, then two periods for four weeks each, then start with five weeks again.  This will create a total of 12 periods.

 

Start Date/End Date

Displays a start and end date, based upon the end date of the previous fiscal year and the calendar type.  This value cannot be changed, if the year is in use.

 

This fiscal year is closed

If checked, no more transactions can be posted into the fiscal year.

 

This fiscal year is in use

If checked, this fiscal year has transactions posted to it.  This value cannot be changed.

 

Fiscal Periods

 

Fiscal Period

Shows the fiscal period number.  Fiscal periods are numbered in chronological order.

 

Description

Displays the description of the fiscal period.

 

Start Date/End Date

Displays the starting and ending date of each period.

 

Edit

Click on this button to edit the highlighted fiscal period.

 

 

 

Editing Fiscal Periods

 

Fiscal Periods are created automatically for each fiscal year, depending upon the calendar type chosen.  The user may edit the fiscal periods, to close fiscal periods and prevent transactions from being posted.

 

 

 

Field by Field Help - Fiscal Period screen

 

Fiscal Year

Displays the fiscal year of the period being edited.

 

Fiscal Period

Displays the fiscal period number.  This value cannot be changed.

 

Description

Enter a description for the period.  This value will be used to identify the fiscal period.

 

Start Date/End Date

Displays the starting and ending date for this period. This value cannot be changed, if the period is in use.

 

This fiscal period is closed

If checked, no more transactions can be posted into the fiscal year.

 

This fiscal period is in use

If checked, this fiscal period has transactions posted to it.  This value cannot be changed.

 

 

Q & A - Accounting Periods

 

Q01.Can I change period lengths whenever I want?
A01.No.  It is best to figure out what period lengths your company will use and set them up that way and then leave them that way.  Otherwise, you would not be able to get true comparisons of equal time periods in your accounting reports.

 

Q02.Are there any custom choices for accounting periods?
A02.The only accounting periods available are: Monthly, Monthly Plus Year-End Closing, Biweekly, Weekly, Every Four Weeks, and 5-4-4 (a period of 5 weeks, followed by 2 periods of 4 weeks each, then repeating with 5 weeks again).

 

Q03.Which period length is right for me?
A03.That answer will depend on your type of business.  Most businesses will be able to use monthly periods, but some may need other period lengths for various reasons.  Consult with your accountant or bookkeeper for the best solution for your business.

 

Q04.I don't see my question here.  Where else can I get information?
A04.Visit our website's Technical Support section.

 



© 2015 - Intellisoft Solutions, Inc. All rights reserved.
Other Related Links
  Business Software | Cellular Software | Pager Software | Business Management Software