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
- Add a New Fiscal year
- Enter End Date
- Check Number of periods and closing periods for accuracy (check for period 13 requirements)
- Go to Actions. If a Calendar period THEN Generate Periods
- Check data accuracy
- Generate Periods
- Save and Exit ELSE
- at (Fiscal Year/Fiscal Period/List tab)
- Enter period date ranges needed
- Save and Exit
- Have a Happy New Year!
About Encompass Solutions
Encompass Solutions, Inc. is an ERP consulting firm, NetSuite Solution Provider and Epicor Gold Partner that offers professional services in business consulting, project management, and software implementation. Whether undertaking full-scale implementation, integration, and renovation of existing systems or addressing the emerging challenges in corporate and operational growth, Encompass provides a specialized approach to every client’s needs. As experts in identifying customer requirements and addressing them with the right solutions, we ensure our clients are equipped to match the pace of Industry.