Add Year End Periods

Explanation

Use this activity to add periods to be used exclusively for year-end designated vouchers. Two year-end period types exist, Year Opening and Year Closing. The year opening period is the period for opening balances. Only period 0 can be a year opening period. Several year closing periods can be created for the same accounting year. Only one year end period can be open at a time. Year-end user groups must be connected to the year-end periods. 

Prerequisites

• The company must exist in IFS Financials.
• The calendar should be connected to the general ledger of the company.

System Effects

• Budget values in Budget Year Amount will not be allocated to year-end periods through the Allocate All Year Values action.
• Period Allocations will only be performed to address accounting periods that are not year-end periods.
• When depreciation periods are created in IFS/Fixed Assets, year-end periods will be excluded.
• If a period is marked as a year closing period, an ordinary period cannot be created with a higher number.

Window

Accounting Periods

Related Window Descriptions

Accounting Periods

Procedure

Use the following procedure to enter a year opening period:

1. Populate or query Accounting Periods for the year and the general ledger in which a year opening period is to be added.
2. With the cursor in the Period field, click New. Enter 0 in the Period field and a description for the period.
3. Enter values in the Valid From and Valid Until fields. The valid from and valid until dates must be equal to the first ordinary accounting period's valid from date. This means that the Valid From and Valid Until fields for the year opening period will contain the same value.
4. Select Year Opening in the Period Type list. 
5. Save.
6. Right click and then click either User Groups per Period or Create Periods for User Groups to enter a user group for the period.
7. Add user groups to the periods in ledger wise. Only year-end user groups are allowed on year opening periods.
8. Save. 

Use the following procedure to enter a year closing period:

1. Populate or query Accounting Periods for the year and the general ledger for which a year closing period is to be added.
2. With the cursor in the Period field, click New. Enter the name and description for the period.
3. Enter values in the Valid From and Valid Until fields. The valid from and valid until dates must be equal to the valid until date from the previous period. This means that the Valid From and Valid Until fields for the year closing periods will contain the same value.
4. Select Year Closing in the Period Type list.
5. Save.
6. Right click and then click either User Groups per Period or Create Periods for User Groups to enter a user group for the period. Only year-end user groups are allowed on year closing periods.
7. Add user groups to the periods in ledger wise. Only year-end user groups are allowed on year opening periods.
8. Save.