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Configuring the Financial Year and Financial Periods

This job aid contains instructions related to configuring the financial year and financial periods in MYOB Acumatica.

Configuring a Fiscal Year and Its Periods

  1. Open the Financial Year (GL101000) form.
  2. In the Financial Year Starts On box, specify the start date of the first financial year in which your company wants to keep records in MYOB Acumatica.
  3. In the First Financial Year box, review the first year, which the system fills in based on the Financial Year Starts On date.
  4. Select the Belongs to Next Year check box if the financial year has the number of the year when the financial year ends (rather than the year when it begins).
  5. In the Period Type box, select one of the following month-based options to define the periods of each financial year:
    1. Month: Each financial period lasts one month, and there are 12 periods per year.
    2. Two Months: Each financial period lasts two months, and there are six periods per year.
    3. Quarter: Each financial period lasts a quarter (four months), and there are three periods per year.
  6. Ensure that the system clears the Adjust to Period Start check box.
  7. If you want the system to generate an adjustment period, select the Has Adjustment Period check box.
  8. On the form toolbar, click Create Periods.
  9. On the form toolbar, click Save.

 

Configuring week-based financial periods

  1. Open the Financial Year (GL101000) form.
  2. In the Financial Year Starts On box, specify the start date of the first financial year in which your company wants to keep records in MYOB Acumatica.
  3. In the First Financial Year box, review the first year, which the system fills in based on the Financial Year Starts On date.
    If you plan to start recording operations at the very start of the financial year, select the previous year as the first financial year. You can then enter initial account balances in the period before the first period of live operations.
  4. Select the Belongs to Next Year check box if the financial year has the number of the year when the financial year ends (rather than the year when it begins).
  5. In the Period Type box, select one of the following:
    1. Week: Each financial period lasts one week, and there are 52 or 53 periods per year.
    2. Two Weeks: Each financial period lasts two weeks, and there are 26 or 27 periods per year.
    3. Four Weeks: Each financial period lasts four weeks, and there are 13 or 14 periods per year.
    4. 4-4-5 Weeks: The financial year is divided into four quarters, and each quarter includes two four-week periods and a five-week period.
    5. 4-5-4 Weeks: The financial year is divided into four quarters, and each quarter includes a four-week period, a five-week period, and a four-week period.
    6. 5-4-4 Weeks: The financial year is divided into four quarters, and each quarter includes the following periods: a five-week period and two four-week periods.
  6. If the Week period type is selected, in the Periods Start Day of Week box, select the day of week on which periods will start.
  7. If the Week period type is selected, in the Year End Calculation Method box, select one of the following options, which will be used to define the end of each financial year:
    1. Last Day of the Financial Year: To add an additional (53rd) week-long period if the last period ends four or more days earlier than the financial year ends. If the last period ends fewer than four days earlier than the financial period ends, no additional period will be added.
    2. Include Last <Day of Week> of the Financial Year: To add an additional (53rd) week period if there is a complete week between the end day of the last period and the end of the year. (Here, <Day of Week> is the last day of the week in your week-long period.)
    3. Include <Day of Week> Nearest to the End of the Financial Year: To add an additional period if the last period ends four or more days earlier than the financial year ends.
  8. On the form toolbar, click Save.

 

Configuring a Financial Year with a Custom Number of Periods

  1. Open the Financial Year (GL101000) form.
  2. In the Financial Year Starts On box, specify the start date of the first financial year in which your company wants to keep records in MYOB Acumatica.
  3. In the First Financial Year box, review the first year, which the system fills in based on the Financial Year Starts On date.
  4. If the financial year has the number of the year when the financial year ends (rather than the year when it begins), select the Belongs to Next Year check box.
  5. In the Period Type box, select Custom Number of Periods.
  6. Type the number of periods you want to divide the financial year into in the Number of Financial Periods box.
  7. On the form toolbar, click Create Periods.
  8. In the table, adjust the lengths of the periods by changing their Start Date and End Date, and provide descriptions for periods in the Description column.
  9. On the form toolbar, click Save.

 

Shifting the First Year One Year Earlier

  1. Open the Financial Year (GL101000) form. Review the settings of the first financial year configured in the system.

  2. On the form toolbar, click Shift the First Year.
    When you click this button, the system opens a dialog box with a message that warns you about the consequences of such an action.

  3. In the dialog box, click Yes to shift the first year and close the dialog box.

  4. On the form toolbar, click Save.