Open a new Accounting Period

Jira Code : BGGN-706

To set up periods for a full year at a time:

1. Go to Setup > Accounting > Manage G/L > Manage Accounting Periods.
   
2. On the Manage Accounting Periods page, click Set Up Full Year.
   The Accounting Periods for Full Year page appears.
   
3. In the first fiscal month field, select the month your fiscal year starts.
   Example: July
   
4. In the Fiscal Year End field, enter or accept the four-digit fiscal year for which you want to generate accounting periods.
   For example, if you were generating periods for 2013 you would enter 2013 in this field.
   
5. Select the format you want to use for your accounting periods:
   • Calendar Months – This sets up 12 periods, one for each calendar month in the fiscal year.
     
   • 4 Weeks – This sets up 13 periods, each for every 4 weeks in the fiscal year.
     
   • 4–4–5 Weeks – This sets up a fiscal year so that you have two 4-week periods followed by one 5-week period, repeating this cycle four times for a total of 13 periods in a fiscal year. The first accounting period of the year is from January 1 to January 28, regardless of the day of the week on which January 1 falls. The last accounting period of the year ends on December 31. The behavior is similar when the first period of the year is a different month. For example, when the year begins April 1, the first period ends April 28, and the year ends March 31. Used this way, the 4-4-5 periods shift the ending day of the week from year to year.
     
     
6. In the Year in Period Name field, select the starting or ending year to include in the period name.
   
   For example, if a fiscal year starts in 2014 and ends in 2015, selecting Ending Year of Period would include 2015 in the name of the period.
   
7. Check One-Day Year-End Adj. Period if you want to include a standalone adjustment period for last day of this fiscal year.
   
8. Click Save.