Financial Calendars and Periods

The Master Financial Calendar reflects the General Ledger (GL) status for each financial module, indicating whether the period is open or closed for posting. 

How to Create a New Fiscal Year and Periods

Navigation:  Finance > Profiles > Master Financial Calendar

1. On the form toolbar, select Generate Calendar.    
2. The ‘Generate GL Calendar’ dialog box should display.  In the From Year and To Year fields, enter the range of years to be created.    
3. Select OK.  The periods will be generated with an Inactive status until they are opened (see next section).

How to Open Financial Periods

Navigation:  Finance > Processes > Manage Financial Periods

1. In the ‘Action’ field, select Open.
2. In the ‘To Year’ field, select the ending financial year to be opened.
3. Select the checkbox next to the financial periods to be opened.
4. Select Process on the form toolbar.  The statuses of the selected periods will update from Inactive to Open.

How to Close Financial Periods

Closing a financial period prevents users from posting transactions to that period.  Users assigned the Financial Supervisor role, however, have special permissions:

• They can post to closed periods.
• They can also reopen closed periods.
• They can unlock periods marked with the Locked status. 

Navigation:  Finance > Processes > Manage Financial Periods

1. In the ‘Action’ field, select Close.
2. In the ‘To Year’ field, select the latest year that contains open periods to be closed.
3. Select the checkbox next to the financial periods to be closed. (If closing multiple periods, selecting the checkbox next to the last period will automatically select all preceding periods.) 
4. Select Process on the form toolbar. The status of the period(s) will change to Closed in all subledgers and in the General Ledger.

Note: Performing this from the Manage Financial Period Process closes ALL modules simultaneously. 

Note: Financial periods can also be closed individually within each module by using the Close Financial Periods submenu within that module and following the steps outlined above.  

How to Reopen Financial Periods

Navigation:  Finance > Processes > Manage Financial Periods

1. In the ‘Action’ field, select Reopen.
2. In the ‘From Year’ field, select the earliest year that contains closed periods to be opened.
3. Select the checkbox next to the financial periods to be reopened. (If reopening multiple periods, selecting the checkbox next to the first period will automatically select all subsequent periods.) 
4. Select Process on the form toolbar to reopen all selected periods.  This action changes the status of only the Finance module to ‘Open’.

Note: Selecting the Reopen Financial Periods in All Modules checkbox will reopen the selected period in all other modules including Accounts Payable, Accounts Receivable, Inventory, Cash Management, and Fixed Assets. 

Note:  If re-opening only one module, this can be done in that specific module using the Close Financial Periods submenu.