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Managing the Financial Year and Financial Periods

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

Generating Periods for Financial Years

  1. Open the Master Financial Calendar (GL201000) form.
  2. On the form toolbar, click Generate Calendar.
  3. In the Generate GL Calendar dialog box, which opens, in the From Year and To Year boxes, make sure that the required financial years are selected.
    You can specify a range of financial years in these boxes.
  4. Click OK to close the dialog box.

The system has generated periods with the Inactive status.

 

Opening a Financial Period

  1. Open the Manage Financial Periods (GL503000) form.
  2. In the Company box of the Selection area, select the company for which you want to open the financial period.
  3. In the Action box, select Open.
  4. In the To Year box, select the ending financial year in which you want to open periods.
  5. In the table, select the unlabelled check boxes in the rows of the periods to which you are going to post transactions.
  6. On the form toolbar, click Process to open the selected period or periods, or click Process All to open all the periods in the list.

The statuses of the selected periods have changed from Inactive to Open.

 

Adding an Adjustment Period

  1. Open the Master Financial Calendar (GL201000) form.
  2. In the Financial Year box of the Summary area, select the latest financial year to which you want to add an adjustment period.
  3. Select the User-Defined Periods check box.
  4. On the table toolbar, click Add Row.
  5. Select the check box in the Adjustment Period column in the added row in the table (that is, the last period).
  6. If needed, in the Description column, type a description that indicates that this is an adjustment period.
  7. On the form toolbar, click Save.

 

Closing Financial Periods

  1. Open the Manage Financial Periods (GL503000) form.
  2. In the Company box of the Selection area, select the company for which you want to close the period.
  3. In the Action box, select Close.
  4. If you need to close financial periods in more than one financial year, in the To Year box, select the latest year.
  5. Select the unlabelled check box in the row of the period you want to close. (If you plan to close multiple periods, select the check box next to the last period you want to close, and the system will automatically select the previous periods.)
  6. On the form toolbar, click Process to close the selected period or periods, or click Process All to close all the periods in the list. The dialog window opens.
  7. In the dialog window, click OK to confirm closing the selecting period or periods.

All processed periods are closed (that is, assigned the Closed status) in all the subledgers and in the general ledger.

 

Locking Financial Periods

  1. Open the Manage Financial Periods (GL503000) form.
  2. In the Company box, select the company for which you want to lock a period.
  3. In the Action box, select Lock.
  4. In the To Year box, select the latest year that contains closed periods that need to be locked. In the table, the system displays all periods that have the Closed status and can be locked.
  5. Select the unlabelled check box next to the period that you want to lock. The system automatically selects the periods earlier than this period.
  6. On the form toolbar, click Process or Process All to lock all the periods on the list. The system assigns the Locked status to the period.

 

Deactivating a Financial Period

  1. Open the Manage Financial Periods (GL503000) form.
  2. In the Company box of the Selection area, select the company for which you want to deactivate a period.
  3. In the Action box, select Deactivate.
  4. In the From Year box, select the starting financial year in which you want to deactivate periods.
  5. In the table, select the unlabelled check box for the earliest period you want to deactivate. The system automatically selects the periods later than this period.
  6. On the form toolbar, click Process to deactivate the selected periods or Process All to deactivate all the periods on the list.

The system deactivates the selected periods (that is, assigns them the Inactive status).

 

Reopening Financial Periods

  1. Open the Manage Financial Periods (GL503000) form.
  2. In the Company box, select the company for which you want to reopen the period.
  3. In the Action box, select Reopen.
  4. In the From Year box, choose the earliest year that contains closed periods needing reopening.
  5. Select the unlabelled check box next to each period you want to reopen.(If you plan to reopen most of the periods, select the check box next to the first period you want to reopen, and the system will automatically select the subsequent periods.)
  6. If needed, select the Reopen Financial Periods in All Modules check box in the Selection area if you want to reopen the selected period in all subledgers.
  7. On the form toolbar, click Process or click Process All to reopen all the periods on the list.

 

Unlocking Financial Periods

  1. Open the Manage Financial Periods (GL503000) form.
  2. In the Company box, select a company for which you want to unlock a period.
  3. In the Action box, select Unlock.
  4. In the From Year box, select the earliest year that contains locked periods that need to be unlocked.
  5. Select the unlabelled check box next to the period that you want to unlock. The system automatically selects the periods later than this period.
  6. On the form toolbar, click Process or Process All to unlock all the periods on the list. The system unlocks the period (assigns it the Closed status).