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‘Tis the season for 12 steps of fiscal year planning for the 12 periods in the fiscal year, to ensure you enjoy the 12 days of Christmas.

Fiscal Year Planning

A proper fiscal year planning for all your departments is imperative to ensure your organization’s success in the coming year. You can start by defining your priorities and implementing them in a go-to-market strategy. However, the number of moving parts needed to accomplish this is massive. Tasks include evaluating your projected revenue goals, defining target markets and how to segment them, as well as determining your resource availability. Accomplishing these tasks will ensure you have a good roadmap to achieve your fiscal year planning goals. Below you’ll find the twelve steps to generate financial reports for your annual planning periods. This will help you to identify resource availability, as well as other data, to ensure you have good visibility into your finances.

an image of the 12 steps of fiscal year planning

 

IF

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

THEN

Go to the Twelfth Step of Fiscal Year planning

ELSE

  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.


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.

IF

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

THEN

  • Go to the Twelfth Step

ELSE

  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.