Calendar
Maintain financial periods.
Fixed Assets stores a definition for each financial year, to allow period
dates, closing options, and the number of periods for each year to be
set. Three years are created by default when a company is created, and
a new year is created at each rollover if necessary, but the financial
years can be maintained manually using the Calendar
window.
The top worksheet of the window shows the fiscal year; the bottom worksheet
denotes that year divided into months, and fiscal periods. When any year
is selected in the upper worksheet its months will be automatically displayed
in the lower worksheet.
The calendar is by default set up for a twelve month financial year beginning
on 1st April of the previous year (New Zealand) or 1st July (Australia)
However, you might need to change it for the following
reasons:
1. To change the financial year end, if a short or long year is needed.
If more or fewer than twelve months are needed in a year the year end
month will change. Depreciation will be calculated accordingly.
2. To mark periods and years as closed. Fixed Assets allows multi-period
data entry by default, but specific periods can be closed to restrict
data entry for organisations which run a strictly period-based system.
3. To change the year convention. By default the year is set to the
last date of the calendar; some businesses may want it to be the first.
Changing the calendar
To change a year's calendar information, select the year in the top worksheet
and click Edit year (or double-click
on the year's row). The Set calendar year
window will open, allowing you to enter the year's opening date and number
of months. When you click OK
the year's periods will be rebuilt if necessary.
The
period opening and closing dates are calculated automatically by various
calendar processes. These dates will be aligned to the start and end of
calendar months. You may set these dates to not be aligned with
the standard monthly calendar. Click the Edit Period button to bring up
the following form.
Please note that internal validity checking may override
your dates with standard dates if any calendar inconsistences are found.
Adding a year should normally be unnecessary, as a new year is added automatically
when each year is rolled over. However, if you need to add a future year,
click the Add year button. The
Set calendar year
window will open, with default values for a new year already set.
Changes
to the fiscal year should only apply to future processing dates. Attempting
to alter previously-processed information could corrupt depreciation figures
in a company's database.
If security is
in effect, you need at permissions of Level 10, All or Maintain Asset
Details to access this option. Learn
More
See also
Year end rollover
Administration menu
