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Finance

Financial Periods- Set Current Financial Period

It is important to make sure the current financial period is open.

At the end of the last day of the month, the current financial period should be closed, and the new period opened.

Ribbon Access:   Finance and HR   >   Financial Periods

The Financial Periods screen will be displayed.

  1. This frame lists Open Periods (Is Closed column = No).
  2. This Frame lists Closed Periods (Is Closed column = Yes).

Close a Financial Period

  • Click in the row of an open period that you wish to close.
  • Drag and drop this row in the Closed Periods data grid.

  • A Process Validation message box will pop up asking;
    • Are you sure you want to close off the financial periods being dropped?
  • Click on Yes.

  1. The selected financial period will now be removed from the Open Periods frame.
  2. You can find the financial period in the Closed Periods frame.

  • When you have finished adjusting the financial periods, click on Save.

Note: The system may challenge the attempt to close off this financial period, if there are processes that need to be completed first.

  • For example, in this image, a Process Validation message box may pop up with the following prompt:
    • The accounts posting have not been completed for the current period []. Please run the Posting Engine before continuing.
  • Click on OK, apply the message instructions then repeat the drag and drop process to close the financial period.

  • A different type of Process Validation message box may pop up with the following prompt:
    • The depreciation process has not been completed for the current period []. Please complete the processing before continuing.
  • Click on OK, apply the message instructions then repeat the drag and drop process to close the financial period.

Open a Financial Period

  • Click in the row of a closed period that you wish to open.
  • Drag and drop this row in the Open Periods data grid.

  • A Process Validation message box will pop up with the following prompt:
    • Are you sure you want to open the financial periods being dropped?
  • Click on Yes.

  1. The selected financial period will now be removed from the Closed Periods frame,
  2. and can now be found in the Open Periods frame.