Fiscal Periods (UG)


NorthScope allows users to create new fiscal years and also open/close existing fiscal periods by the module. Fiscal periods are integrated with the Host system, if the integration setup for fiscal periods is set to immediate or timed. 

Adding a new Fiscal Year

Step 1 Creating a New Fiscal Year

To create a new fiscal year, expand the Financial module and click on Fiscal Periods. This opens the fiscal periods list view, which displays the existing fiscal years with start and end dates, number of periods and status.

Click New toolbar icon to create a new Fiscal Year. This opens the '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 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.
  • Posting Status: This field displays the status of the fiscal year.  The fiscal year can be in the status of Open, Closed or Archived.

Click Save toolbar icon to create the Fiscal Year.

Step 2 Editing Fiscal Periods

Once the Fiscal Year record has been saved, the period line items are created based on the number of periods entered. For example, if 12 was entered to the #Periods field, then 12 Periods are created and the Fiscal Year length is divided into 12 periods. Users can edit the Period Name and the period start date. The End Date is never editable, but it is adjusted accordingly, if the Start Date is changed and the record is saved.

By default, all modules (Financial, Sales, Purchasing, Inventory and Payroll) are set to closed (checked). To 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 by checking/un-checking the checkboxes in the 'Open/Close All' 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.

Note: Transactions can be finalized only when the transaction date falls into an open fiscal period for that module.

Note: Fiscal period Start and End Dates will only fill when the fiscal year is a 12 period year and starts on January 1 and ends on December 31.

Note: The Fiscal Year Record View will be completely disabled when the Fiscal Year is closed.