Before you can close or report on periods for a year, you need to generate that year’s fiscal periods. This creates the monthly, quarterly, and yearly periods in one step.
Steps
- From the Accounting menu, open Fiscal Periods.
- Choose Generate Fiscal Periods.
- Enter the year (between 2020 and 2100).
- Choose the start month of your fiscal year (1–12).
- Generate the periods.
The system creates twelve monthly periods, four quarterly periods (Q1–Q4), and one yearly period, all set to Open. You’ll see a confirmation that the periods were generated.
Warning: If periods already exist for that year, generation is blocked with a message. You would need to remove the existing periods before regenerating.
If no current-year periods exist yet, the Fiscal Periods page prompts you to generate them so you can start tracking accounting periods.