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Home → KB: Back Office → Year-End Processing and Tax Updates → Create Accounting Periods for new year
1.7. Create Accounting Periods for new year
"Accounting Periods", or "Fiscal Periods", are roughly equivalent to months. Your financial reports are printed for particular periods (eg 1/1/2008 to 1/31/2008). Before you can post transactions into a new year, you must create the periods for that year. This can be done as follows:
Go to Tools->Admin Options->General->Edit Fiscal Periods
In the "Year" box the left, change it to your new year (eg 2008)
Hit the Tab key or click the mouse into the grid on the right. When you leave the "Year" edit box, the system will automatically populate the grid to the right with periods matching the calendar year
Change period start and end dates as required. When finished, click Close and the changes will be saved automatically.