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Financial Year

Form ID: (GL101000)

You can use this form for the initial configuration of your company’s specific financial year and financial periods.

You can set up a configuration of financial periods based on months, based on weeks, or custom periods of arbitrary durations. A financial year whose periods are based on weeks or have custom lengths will have a variable length. By default, the same configuration will be used for all subsequent years.

If you have configured the wrong year, you can delete it by clicking Delete on the form toolbar. This operation is available only if there are no financial periods generated for this year on the Master Financial Calendar (GL201000) form.



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Back to TopForm Toolbar

The form toolbar and More menu include the buttons and commands described below.

Command Description
Create Periods Generates a period template based on which you generate the financial periods for a financial year on the Master Financial Calendar (GL201000) form.
A periods template can be generated for the periods of the Month, Two Months, and Quarter types (specified in the Period Type box), and for the custom periods (the Custom Number of Periods option specified in the Period Type box).
For week-based periods, a year template cannot be prepared because the year does not have a fixed start date. Thus, this button is unavailable for week-based periods (those that have Week, Two Weeks, Four Weeks, 4-4-5 Weeks, 4-5-4 Weeks, or 5-4-4 Weeks selected in the Period Type box in the Summary area of the current form).
Shift First Year Shifts the company’s first year to one year earlier. After clicking this button or command, you can add a new financial year and generate periods for it by using the Master Financial Calendar (GL201000) form.

Back to TopSummary Area

The Summary area of the form contains summary information about the financial year and financial periods. For more details on different types of periods, see Financial Year Configuration.

Column Description
First Financial Year The first year your company wants to keep records in Acumatica ERP. If you want to start recording operations at the very beginning of the financial year and post beginning balances for the accounts, specify the previous year in this box and post balances for its last period.
Financial Year Starts On The start date of the financial year (and the first financial period of the year).
Belongs to Next Year A check box that indicates (if selected) that the start date of the year belongs to the next financial year. Select this option if the next financial year starts in the current year, as with a 2018 financial year that starts on September 15, 2017.
Period Type The type of financial periods that make up the year. The following options are available:
  • Month: Each of the financial periods lasts one month (12 periods per year).
  • Two Months: Each of the financial periods has a duration of two months (six periods per year).
  • Quarter: Each of the financial periods lasts a quarter-year, or three months (four periods per year).
  • Week: Each of the financial periods lasts one week (52 or 53 periods per year).
  • Two Weeks: Each of the financial periods lasts two weeks (26 or 27 periods per year).
  • Four Weeks: Each of the financial periods has a duration of four weeks (13 or 14 periods per year).
  • 4-4-5 Weeks: The financial year is divided into four quarters, and each quarter includes two four-week periods and a five-week period.
  • 4-5-4 Weeks: The financial year is divided into four quarters, and each quarter includes a four-week period, a five-week period, and a four-week period.
  • 5-4-4 Weeks: The financial year is divided into four quarters, and each quarter includes the following periods: a five-week period and two four-week periods.
  • Custom Number of Periods: The financial year is divided into a user-defined number of financial periods. Once you specify the number in the Number of Financial Periods box, the system generates the periods, and you will be able to adjust their lengths.
For instructions, see To Configure a Financial Year with Month-Based Periods, To Configure a Financial Year with Week-Based Periods, and To Configure a Financial Year with a Custom Number of Periods.
Periods Start Day of Week The day of the week when each period starts.
This box appears on the form only if Week is selected in the Period Type box.
First Period Start Date The date on which the first period starts.
Number of Financial Periods The total number of financial periods within a financial year. If Custom Number of Periods is selected in the Period Type box, you specify the required number of financial periods in this box. If any other option except Week, Two Weeks, Four Weeks, and Custom Number of Periods is selected, the box displays the number of periods, which the system calculates automatically based on the period type.
This box does not appear on the form if Week, Two Weeks, and Four Weeks is selected in the Period Type box.
Has Adjustment Period A check box that indicates (if selected) that the system generates an adjustment period—an additional period for posting adjustments. The adjustment period has the same start and end date and is the last period in the financial year. The adjustment period doesn’t appear by default for any date; in lookup boxes for selecting document dates, you have to select it manually.
This box appears on the form if any option except Custom Number of Periods is selected in the Period Type box.
Length of Financial Period The length of periods for the selected period type.
This box appears on the form if Week, Two Weeks, and Four Weeks is selected in the Period Type box.
Year End Calculation Method The method used to determine the end of the year for week-long periods. You can select one of the following options:
  • Last Day of the Financial Year: To add an additional (fifty-third) week-length period if the last period ends four or more days earlier than the financial year ends. If the last period ends fewer than four days earlier, no additional period will be added.
  • Include Last <Day of Week> of the Financial Year: To add an additional (fifty-third) week-length period only if the specific day of week (which is the last in the financial year) is not included in the last period.
  • Include <Day of Week> Nearest to the End of the Financial Year: To set the year end so that its last period includes the specific day of week that is nearest to the end of the financial year. An additional (fifty-third) period will be added if the specific day of week is closer to the end of the year than to the end of the last period.
For these options, <Day of the Week> is the day of the week selected in the Day of Week box.
This box appears on the form only if Week is selected in the Period Type box.
Day of Week The specific day of the week to be used with the Year End Calculation Method option. By default, the <Day of Week> is the day of the week on which each week-length financial period ends.
This box appears on the form only if Week is selected in the Period Type box and the Include Last <Day of Week> of the Financial Year or Include <Day of Week> Nearest to the End of the Financial Year option is selected in the Year End Calculation Method box.

Back to TopTable

This table contains information about the start and end date of each financial period, based on your specifications in the Summary area.

For the Custom Number of Periods type of periods, you can define periods of arbitrary length by selecting the end date for each period—the start date of the next period will be adjusted automatically by the system.

For the Custom Number of Periods type, when you save the settings in the table, the system checks that all of the following conditions are met:

  • For all the periods except the last one, the End Date of a period is later than the end date of the previous period, otherwise an error message is displayed
  • For the last period, the End Date is later than or equal to the end date of the previous period, otherwise an error message is displayed

For a week-based period type of calendar, a year template cannot be generated because the year does not have fixed start date. Thus, you cannot view the list of periods in the table.

Table Columns

Column Description
Period Nbr. The number of the financial period. The system automatically generates these numbers for periods.
Start Date Read-only. The start date of the period.
For the first period, the date is calculated automatically based on the Financial Year Starts On setting. For each successive period, the start date is calculated based on the end date of the previous period.
If Custom Number of Periods is selected in the Period Type box, when you change the End Date of a period, the system sets the Start Date of the next period to the End Date of the period plus one day.
End Date The date the financial period ends.
This date is calculated automatically, based on the start date of the period and its duration.
If Custom Number of Periods is selected in the Period Type box,and you set the value in this column for any period equal to the end date of the previous period, the system does the following:
  • Sets the Start Date of the last period equal to the End Date of the previous period
  • Sets the End Date of the last period equal to the End Date of the previous period
Description A description of the financial period (such as the name of the month or the number of the quarter). For financial periods based on months, the descriptions are populated automatically but can be overwritten.

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