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Click New toolbar icon to create a new fiscal periodFiscal Year. This opens a new fiscal period recordthe 'New Fiscal Year' record view. Enter the following details:
- Fiscal Year: This field defaults to the next fiscal year. A fiscal year cannot be skipped. E.g. If the last fiscal year in the list view is 2021, the new fiscal year is required to be 2022 and an error is displayed if a user tries to enter 2023.
- #Periods: This defaults to the # Periods from your last Fiscal Year but can be overwritten. Enter the number of periods in the fiscal year. This field cannot be edited after the record is saved.
- Start Date: The start date defaults
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- as the day after the last year's 'End Date'. This field cannot be edited.
- End Date: Enter the last date of the Fiscal Year. This field cannot be edited after the record is saved.
Click Save toolbar icon to create the Fiscal Year.
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By default, all modules (Financial, Sales, Purchasing, Inventory and Payroll) are set to closed (checked). Open fiscal periods for modules accordingly by unchecking the checkboxesTo open fiscal periods, un-check the checkbox under the module column you want to open. For example, to open Period 5 so you can make manual journal entries. find row 5 and un-check the checkbox in the 'Financial Closed' column. The fiscal periods / modules can be mass updated using the by checking/un-checking the checkboxes in the 'Open/Close All checkboxes' column. Save the record before exiting the record view.
After the fiscal year , has been created and saved successfully, it appears in the Fiscal Periods list view. When all fiscal periods for all modules are set to closed, the fiscal year is displayed as “Open: No” in the Fiscal Periods list view.
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