Looking Into The Future: Adding Fiscal Years

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In order for us to post to future dates, the fiscal year must be defined within the system. If it is not, we will receive errors when posting and/or entering records to future dates. “The post date must be in an open fiscal period” is a message indicating the date selected is either in a closed fiscal period/year or in a fiscal period/year that has not yet been defined. You may create fiscal years as far into the future as desired, provided you add the older year(s) first. Once activity has posted to the year, you may not delete it.
 
To add a new fiscal year, follow the steps below:
  1. From the Configuration page, click Fiscal Years. The Fiscal Years page appears.
  2. Click New Fiscal Year. The New Fiscal Year screen appears.
  3. In the Fiscal Year ID field, enter a unique ID for the year.
  4. In the Description field, enter a description.
  5. In the There are [ ] periods in this fiscal year field, select a number of periods for the fiscal year.
  6. To copy periods from an existing fiscal year, click Copy From, then select a fiscal year to copy and click Select. To automatically complete the periods based on the previous fiscal year, click Auto-Complete.
  7. In the Start Date and End Date columns, enter the beginning and ending dates of your fiscal periods.
  8. To soft close a fiscal period to prevent posting, mark the checkbox in the Closed column.
  9. To save the fiscal year and return to the Fiscal Years page, click Save and Close.
After defining future fiscal years, you can plan budgets, create projected financial reports, and enter historic information to compare one year against another. Be sure to check back for our upcoming end-of-year blog posts regarding Budgets, Financial Statements, and Maintenance tasks. Also, I encourage you to explore our published blogs. 
 
News ARCHIVED | Financial Edge® Tips and Tricks 06/01/2015 7:00am EDT

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