Access from Financial/Nominal Utilities via the Utilities Menu
Financial Periods are the accounting periods used throughout the system. In most cases the Financial Periods follow a typical calendar month. However this is not necessarily the case, with Month End being available for run at any point.
The Financial Period code follows a year and month pattern (200606) this does not necessarily mean that we are in June 2006. The Financial Year and Month will start at the start of the organisations financial year. Therefore if the financial year starts on 1st October 2006 (calendar month 200610) the Financial Period will be either 200701 or 200601 dependant on whether the organisation chooses to call the financial after the year it will "end" in or "begin".
A Financial Period can be Open or Closed by application as Accounts functions may need access to past Periods, while Sales always work in current day.
Historic and Future Periods may be left "Open" however Period should be "Closed" as soon as practicable. "Closed" Periods may be re-opened until the point where the Period is "Locked".
+FY and -FY allow view of Financial Periods for other Financial Years. While NEW FY will create the period breakdown for a new financial Year.