Fiscal Period Setup Page

1

Legal Entity

The legal entity this fiscal year pertains to. If some legal entities don’t show in the dropdown list, it’s likely due to security reasons, especially since security it location-based. Any legal entity that shows up in this screen must have a location assigned to it or the system won’t be able to determine who should be able to access those legal entities’ fiscal years.

2

Year

The year this record represents. This drop-down listing will only be available to use once a legal entity (#1) has been selected and will only include years that do not have a fiscal year created for the legal entity yet.

3

Fiscal & Operational Combined Checkbox

Uncheck this box if separate fiscal and operational year structures are needed for a legal entity. This allows financial reports to follow the calendar year while operational reports are based on weeks and equal periods. When left checked, a single fiscal year structure will be used for both. Learn more about combined fiscal and operational calendars.

Unchecking the box will reveal fields to configure the Operational Year separately from the Fiscal Year.

4

Fiscal Period Structure

• 13-4 - 13 periods, each consisting of 4 weeks. This structure begins on the designated Fiscal Start Date.

• 4/4/5 - Periods of 4 weeks, 4 weeks, and 5 weeks within each quarter, beginning on the designated Fiscal Start Date.

• 4/5/4 - Periods of 4 weeks, 5 weeks, and 4 weeks within each quarter, beginning on the designated Fiscal Start Date.

• 5/4/4 - Periods of 5 weeks, 4 weeks, and 4 weeks in each quarter, beginning on the set Fiscal Start Date.

• Calendar Months - Will setup periods according to calendar months. By selecting this option, the User will not need to set a Fiscal Start or End Date because those will follow the calendar year

• Custom Periods - Allows the user to specify the dates for each period. Learn more about Custom Periods.

5

Reporting Week

This will display the start and end days of an operational week, based on the date selected for the Fiscal Start Date, and will only appear when one of the following Fiscal Period Structures is chosen:

• 13-4

• 4/4/5

• 4/5/4

• 5/4/4

6

52/53 Week Tax Year Checkbox

Based on the 13-4, 4/4/5, 4,5,4, and 5/4/4 fiscal period structures.

Checking this box will enable a 53rd week to be automatically included when an additional week remains at the end of the fiscal year.

This will only appear to a fiscal year.

A drop-down selector will then appear for the user to select whether the last day of the fiscal year is one of the following.

• Whatever date this ending day of the week last occurs in a calendar month - This will set the end date as the last day of the last full week in a Calendar Month.

• Whatever date this ending day of the week falls that is nearest to the last day of the calendar month- This will set the end date as the last day of the week ending nearest to month end.

When the Fixed Asset Module is in use, depreciation should post as expected with no duplicate entries.

7

Add an Extra Week

When checked, an additional 7 days will be added to the last period at the end of this year.

8

Fiscal Start Date

If the Fiscal Period Structure is any option outside of the Calendar Months option, then the user must specify a Fiscal Start Date. The weekday of the Fiscal Start Date will determine the weekday that your fiscal weeks start on.

9

Fiscal End Date

If the Fiscal Period Structure is Custom Periods, then the user must specify a Fiscal End Date. For other fiscal period structure types, this will be populated automatically after saving the record.

10

Short Year

When checked, this marks the fiscal year as a short year, or less than 364 days. This should be used when a store was opened at some point during the year.

This can only be checked when the Fiscal Period Structure is set to Custom Periods. This checkbox does not apply to Operational Calendars unless Fiscal & Operational Combined is checked and the Operational Year then matches the Fiscal Year.

11

Advanced Close Status

If Advanced Close is enabled, this will indicate if there are open periods in the Legal Entity's Fiscal Year. 'Open' indicates that one or more periods are open. 'Closed' indicates that all periods are closed.

Users with the following Permission will be able to click this button to open the Advanced Close Maintenance screen:

Administration → Fiscal Years → View Fiscal Year Maintenance

12

Operational Year Fields

If Fiscal & Operational Combined is not selected, identical fields will appear in the Operational Year section, mirroring those in the Fiscal Year section. The operational year structure can be set independently of the fiscal year.

13

Period Grid

Once the record is saved, the grid displays the periods generated by the system. If Fiscal & Operational Combined is unchecked, two tabs (Financial and Operational) will appear, allowing the periods to be viewed for each year type.

1

Financial

The entry grid for the Financial Calendar.

2

Operational

The entry grid for the Operational Calendar.

3

Period

The order of each period.

4

Start

The beginning date of each period.

5

End

The end date of the period.

Ensure that there are no gaps in between the periods created either in a single year itself or in the reporting structure for a Legal Entity. Use the Fiscal Calendar report to assist in reviewing and confirming this for each year and each Legal Entity.

6

Qtr

The quarter in which this period will take place.

7

Period Name

The name of the period.

8

Add Button

Adds the line information into the grid. To edit a line in the grid, click the section (#3-7) that needs to be changed and its field will open for edits.

9

Edit Complete

Initially says 'Edit'. Once clicked, it will become 'Edit Complete' and should only be clicked again once the grid is completed.

10

+ / - Size

Either increases or decreases the size of the grid.