Open a New Fiscal Year

The Fiscal Period Setup area allows you to define your company’s fiscal year, or accounting period. Fiscal years are normally 365 days, but if your company is redefining when its year begins and ends, AcctVantage allows you to create a short year to bridge to the new start date.

AcctVantage does allow you to divide your fiscal year into any kind of periods you want, from calendar months to x number of days, although this would be extremely rare. You can even edit the date when each period begins or ends. The only restriction is that once you have entered a transaction for the year, you can no longer change the periods within it.

Please contact AcctVantage Support if you plan on using Fiscal Periods that are a customized length (i.e. NOT the standard 12 months).

Warning Message

If you see the message below, this just means that the most recent Fiscal Year has ended and you have not yet opened a new Fiscal Year.  You're in luck ... that's what this article is about!

Warning Message

1. Fiscal Period Setup

Navigate to General Ledger ➤ Fiscal Period Setup. From the drop-down list select Open New Year.

Fiscal Period Setup

1.1. Are you sure?

Click Continue to proceed with setting up a new fiscal year.

Confirmation

2. Please enter the correct label for the new year...

Enter a label for the new fiscal year and click Continue to proceed.

Please enter the correct label for the new year...

3. Finish the Fiscal Period Setup

Under the Auto-Create section, select Months.

AV will create new Fiscal Periods based on Calendar Months. Click OK and AcctVantage will generate the new Fiscal Periods.

Note: If you have a custom method of fiscal reporting (this is extremely rare) you can choose to create periods based on a Custom Length.

Please contact AcctVantage Support if you plan on using Fiscal Periods that are a customized length (i.e. NOT the standard 12 months).

Finish the Fiscal Period Setup

3.1. Saving new Fiscal Period information

The system will create the account space for each G/L Account for the new Fiscal Year.

4. New Fiscal Periods have been created.

You can now create and post transactions in the new Fiscal Periods.

New Fiscal Periods have been created.