An image of accountants and financial professionals generally accepted accounting practice fiscal year period accuracy

The 12 Steps of Fiscal Year Period Accuracy

Tis’ the season for the 12 steps of Fiscal year planning for the 12 periods of the fiscal

Tis’ the season for the 12 steps of Fiscal year planning for the 12 periods of the fiscal year. Get these steps out of the way so you can enjoy your holiday with peace of mind.


For those in need of a rundown of what a fiscal year (FY) is, it is a period that any company or government uses for accounting purposes. Financial statements are prepared according to the dates that make up that organizations FY. This may or may not align with a standard calendar year. The IRS recognizes that not all companies align their FY with a calendar and allows organizations to file as calendar-year taxpayers or fiscal-year taxpayers. You may hear this term used when referring to budgets, financial performance, and other accounting discussions.

Fiscal Year Period Accuracy

Here’s a brief guide to help you set up your FY period accuracy within your ERP system.


  • At (Financial Management/General Ledger/ Setup/Fiscal Calendar/ Selected Calendar) Latest FY = Current FY+1


  • Go to the Twelfth Step


  1. Add a New Fiscal year
  2. Enter End Date
  3. Save
  4. Check Number of periods and closing periods for accuracy (check for period 13 requirements)
  5. Go to Actions. If a Calendar period THEN Generate Periods
  6. Check data accuracy
  7. Generate Periods
  8. Save and Exit ELSE
  9. at (Fiscal Year/Fiscal Period/List tab)
  10. Enter period date ranges needed
  11. Save and Exit
  12. Have a Happy New Year!

About Encompass Solutions

Encompass Solutions is a business and software consulting firm that specializes in ERP systems, EDI, and Managed Services support for Manufacturers and Distributors. Serving small and medium-sized businesses since 2001, Encompass modernizes operations and automates processes for hundreds of customers across the globe. Whether undertaking full-scale implementation, integration, and renovation of existing systems, Encompass provides a specialized approach to every client’s needs. By identifying customer requirements and addressing them with the right solutions, we ensure our clients are equipped to match the pace of Industry.