Enter the first fiscal year you want to create. To allow for startup situations, the year you enter can be less than or equal to the current fiscal year. When this occurs, the appropriate periods are automatically flagged as closed based on the fiscal period data in the associated Company record . If the previous year’s table exists, the previous fiscal year ending date displays for reference purposes.
As you build the table, the start date of each subsequent period is set automatically to the day following the end of the previous period and is not available for editing.
When creating a new calendar, the first period start date is automatically set to the day following the close of the previous fiscal year. An exception to this is at system start-up where no previous fiscal year exists. If using a Weekly fiscal structure, a check is also performed to ensure that each period is evenly divisible by 7 and that the year contains either 52 or 53 weeks.
If you enter a year where no table exists and a prior year’s table does exist, you have the option to auto-build a new period table based on the previous year’s information. This option is available only if a previous year is present. In a startup situation, you must enter the first table manually.
The system must always have a minimum of three years’ calendars built at any given time so that year-end overlap never becomes an issue. The system builds a period table automatically for the following year (if it does not already exist) as part of the last fiscal period close process. Further, when maintaining the current year table, a warning appears if the following year calendar is not present.
All calendars are maintainable as long as they are for a future fiscal year. Upon filing, GL period table records are automatically created for all companies based on the record for the default company.