Accounting periods are the fundamental data element to capture accounting transactions in the dimension of time. Please note the following:
  • When you install Accounting Seed accounting periods for 3 calendar months back and 9 calendar months forward are automatically setup for you. These can be deleted if you are not on a traditional calendar.
  • The format for an accounting period must be YYYY-MM. The month must be a value between 01-12. Accounting periods over 12 months are not supported. A gap in days between Accounting Periods is not permitted. 
  • Accounting Seed supports the following types of periods:
    • Traditional Calendar Year
    • Fiscal Years
    • 4-4-5 Fiscal calendar
  • Accounting Periods can be uploaded. Click Here for a sample upload file for Accounting Periods.
  • The Accounting Seed Period Close performs the following functions:
    • It creates opening balances for the next accounting period.
    • It updates current year to date income in the current period.
    • It locks the period from any changes. 
Setting up Accounting Periods 
Step by step:
  1. Navigate to the accounting period tab and click new. 
  2. Enter the period name, start date and end date. The status should be "Open". 
    • The format for an accounting period must be YYYY-MM. The month must be a value between 01-12. Accounting periods over 12 months are not supported. A gap in days between Accounting Periods is not permitted. 
  3. Click save.

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