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

You might see a message that states "The system date is not within an open fiscal period."

This just means that the most recent Fiscal Year has ended and you have not yet opened a new Fiscal Year. Here are the instructions to Open a New Fiscal Year.

Warning Message

1. Open the Fiscal Period Setup window

Navigate to General Ledger ➤ Fiscal Period Setup.

Open the Fiscal Period Setup window

2. Fiscal Period Setup

  • From the drop-down list select Open New Year.
  • You will be prompted with a confirmation dialog box (see next screenshot).
Fiscal Period Setup

3. Confirmation

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

Confirmation

4. 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...

5. Finish the Fiscal Period Setup

Under the Auto-Create section you should select Months and AV will create new Fiscal Periods based on Calendar Months. Click OK and AcctVantage will generate the new Fiscal Periods. You can now create and post transactions in 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

6. New Fiscal Periods have been created.

New Fiscal Periods have been created.

7. (Optional)

Once the new Fiscal Year/Periods have been created it is a good idea (although optional) to Soft Close the future periods. For example, the idea would be to Soft Close February through December to prevent any entries from being made in these periods by accident. When the time comes to make entries into those months, you can Soft Open the period(s).