Fiscal Years

Fiscal periods are established annually by creating a fiscal year for each legal entity. Legal entities can operate on separate calendars from one another. When a new Fiscal Year is created, the system checks for gaps between years to ensure continuity.

A financial year can differ from an operational year within the same legal entity. This is useful when operational reporting requires a different structure than financial reporting, such as when financials are reported on a calendar year, but operational reporting follows a weekly or period-based structure. Users also have the option to combine fiscal and operational years if they share a structure. Learn more about fiscal and operational combined setting.

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Fiscal and Operational Calendar Purposes

The Fiscal Calendar is used to determine the date for 'Year End' when it comes to Year-End Closing entries. Learn about Year End Close procedures and details on the GL Detail report. Utilize the Fiscal Year Error Check report to ensure all Fiscal Calendars are set up properly and contain no gaps or overlaps in Fiscal Calendars.

If Advanced Close is enabled, the Fiscal Calendar will be used to determine the period start and end dates shown for opening and closing periods, which will not function based on the Operational Calendar.

The Operational Calendar is used to determine the following:

• The day of the week that 'weekly' operation reports start and end. Learn more about fiscal and operational calendars in reports.

• The day of the week that your Schedule Calendar begins and ends.

• The date used for prior year comparisons in reports, such as the Flash Report.

• Forecasted Sales calculations within Forecasting, if using Prior Year Sales or Prior Year Forecast as a starting point.

When Fiscal and Operational Calendars are set up separately, Users can do the following:

1. Run certain reports, like the Profit and Loss Statement, based on either calendar.

2. Create budgets based on either calendar.

Fiscal Period Setup Page

The Fiscal Period Setup page displays parameters for the selected fiscal period or year, allowing users to view the financial and operational calendar structures for a legal entity within a specific year.

Fiscal Years Page

The Fiscal Years page displays all configured fiscal years in Restaurant365. Users can view and access the fiscal and operational period structures, along with their start and end dates, for each legal entity.

Setup Fiscal Periods/Years

Users have multiple options for setting up a fiscal year. Fiscal years can be setup by copying a fiscal year from one legal entity to another, by setting up the next year for an existing fiscal year, or creating a new fiscal year.

Custom Periods

Custom periods allow users to select the start and end date of periods within a fiscal year. Users have the option to create custom periods for operational and/or financial periods.

Fiscal Periods in Reports

Generally, the Fiscal Calendar is used for Financial reports while the Operational Calendar is used for Operational reports. However, some reports may use a different calendar than expected. Learn more about fiscal and operational calendars in reports.

Users have the option to view both the fiscal and operational calendars for a given legal entity in the Fiscal Calendar report.

Users can review the Fiscal Year Error Check report to identify any critical Fiscal Year errors that occurred during their creation. This is helpful prior to implementing Fixed Assets and to ensure that each fiscal year transitions correctly into the next.

Open or Close a Period