Time periods are a defined period of time (usually a month, quarter or year) that is used to group business transactions. It is a key part of any general accounting setup. Time periods can be used for the definition of : Company Financial Year Fiscal / Tax Periods (weeks, months, quarters) VAT / GST Periods Sales Periods The screen is divided into 3 main areas. The first two show lists of the open and closed time periods. The area at the bottom allows you to define and enter a new time period.

Using the area at the bottom of the screen labelled 'New' Leave the Parent Period Id field blank (NOTE: The financial year will be the parent of other time periods eg fiscal months or GST / VAT periods) Select 'Fiscal Year' from the 'Period Type Id' drop down box Enter '13' in the Period Num field (NOTE: You can use any number that does not conflict with the other time periods you want to use. We plan to define 12 fiscal or tax months so will use 13 for the year) Enter 'FY 2010-2011' in the Period Name field (NOTE: You can use any name you want but make sure it makes sense. This example is an abbreviation for Fiscal Year 2010-2011) Select '1st April 2010' using the calendar lookup in the 'From Date' field Select '1st April 2011' using the calendar lookup in the 'Thru Date' field (NOTE: Even though we want our financial year to end on 31st March 2011 the test used is based on less than not an equal to) Leave the 'Is Closed' field at its default of 'No' Press the 'Create' button The new time period will now be displayed in the list of open time periods.

Using the area at the bottom of the screen labelled 'New' Select the previously created financial year 'FY 2010-2011' in the Parent Period Id field Select 'Fiscal Month' from the 'Period Type Id' drop down box Enter '1' in the Period Num field (NOTE: This is the first of 12 periods that we want to define.) Enter 'FM April 2010' in the Period Name field (NOTE: You can use any name you want but make sure it makes sense. This example is an abbreviation for Fiscal Month April 2010) Select '1st April 2010' using the calendar lookup in the 'From Date' field Select '1st May 2010' using the calendar lookup in the 'Thru Date' field (NOTE: Even though we want our fiscal month to end on 30th April 2010 the test is used is based on less than not an equal to) Leave the Is Closed field at its default of 'No' Press the 'Create' button The new time period will now be displayed in the list of open time periods.

NOTE: Time periods cannot be updated via the current time periods screen. If you need to amend time period details then it can be done via Entity Data Maintenance in the Webtools menu.

To close a time period select the 'Close' button next to the time period. The time period will be removed from the current open time periods area and re-displayed in the closed time periods section of the screen. NOTE: Closing a time period is a trigger for an automatic accounting transaction as follows: Transaction Type: Period Closing DR ?????? (based on the GL account type mapping for Profit Loss) CR 336000 Retained Earnings (based on GL account type mapping for Retained Earnings) NOTE: Both sides of this accounting transaction uses the same GL account type default mapping. The account mapping for 'Profit Loss' is not setup as part of the demo data so this transaction will not automatically post to the general ledger but will instead be put in the ERROR_JOURNAL as an unposted transaction. The transaction value is zero for both sides of journal...Even if it does have a value do we want to move it from P and L to Equity during the financial year? Normally this is done once at the end of the financial year.