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By default, a new transaction is set to Version 1. If the transaction has been voided, corrected or repriced, the version number will be incremented. In order for a transaction to have a version greater than 1 all the previous versions must be voided (a transaction can only have one active version). The Fiscal Calendar is a term used to describe Fiscal Periods represent budgetary or accounting periods that fall within Fiscal Years. These often match the calendar where there are 12 periods, matching the calendar months. In organization where the fiscal year does not match the calendar year, Fiscal Periods may or may not match the number of days in a calendar month. Every transaction that posts to the general ledger, contains a 'GL Date' and that date identifies both the Fiscal Year and Fiscal Period the transaction posted to the general ledger.The Fiscal Calendar is a view that shows each Fiscal Period for a Fiscal Year, the starting and ending dates for each period, and a flag to indicate if the Fiscal Period is open of closed for posting. If a Fiscal Period is open, transactions with a GL Date that falls within the Fiscal Periods date range can be posted to the General Ledger. If a Fiscal Period is closed, transactions with a GL Date that falls within the Fiscal Periods date range can still be entered but they cannot be saved with a Status of 'Approved' or Ready to Post'. In addition, a Fiscal Period may have some series closed and some open. For example, a Period may be closed for Sales but the Financial series may still be open so that month-end journal can still be made. |
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