Fiscal years help define your organization's fiscal cycle and play a key role in your budgeting, forecasting and reporting efforts. From Fiscal years, Overview in Control panel, Settings, you can add and manage fiscal year details.
Warning: Prior to adding your first fiscal year, we recommend you consider any previous years that need to be accounted for in your system, since fiscal years must be defined in ascending order. You can add unlimited fiscal years as long as you add the older years first (For example, you cannot add fiscal year 2018 and later add 2017).
You can divide each fiscal year into a maximum of 13 periods. Each period acts as a container, which you use to track transactions. When you make a journal entry, the transaction appears in the period and fiscal year determined by the post date. Note that journal entries must balance by fiscal period.
After defining future fiscal years, you can plan budgets, create projected financial reports, and enter historic information to compare one year against another.
Under Current fiscal years, you can view a list of currently open or closed fiscal periods along with their start and end dates, and status. You can also edit the current and previous fiscal year, or create a new fiscal year based on the current. For more information, see Manage Current Fiscal Periods.
Under Manage all fiscal years, you can add and edit fiscal year details, such as descriptions, number of periods, and start and end dates. For more information, see Manage All Fiscal Years.