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Fiscal Calendar

Application > Financial Management > Accounting > Setup > Fiscal Calendar

Overview

Organizations of type Legal Entity with Accounting must have a fiscal calendar assigned. Other organization types can inherit the fiscal calendar from their parent organization.

A fiscal calendar defines the years and their periods to ensure accurate accounting and proper control of the financial cycle. Each organization can only have one fiscal calendar assigned, which is used for posting transactions and managing the opening and closing of periods.

Fiscal Calendar Window

The fiscal calendar window allows the user to create and maintain the organization's fiscal calendar. Each organization requiring a calendar needs to have one calendar assigned to it and only one therefore it is clearly known which calendar is going to be used while posting transactions and while opening and closing the accounting cycle.

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  • When creating a calendar, Etendo proposes * as the default organization:

    • Keeping * means the calendar is defined at the client level and can be used by all organizations under that client.

    • Changing it to a specific organization means the calendar will be available only for that organization.

Once the calendar is created, it must be linked to the corresponding organization in the Organization window, by:

  • Enabling the Allow Period Control checkbox.

  • Selecting legal with accounting organizations type.

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Year

The Year tab is used to define as many fiscal years as required within a calendar.

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  • A Fiscal Year usually covers 12 consecutive months.

  • Use the Create Periods button to automatically generate:

    • 12 Standard Calendar Periods (January 1st – December 31st).

    • An optional 13th Adjustment Period, dated the last day of the last standard period (e.g., 31-12-2025), used for accounting adjustments via G/L Journals.

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Once created, all the periods need to be opened in the Open/Close Period Control window.

Info

The periods of an organization's fiscal calendar can be reviewed in the Period Control tab of the Organization window.

Note

  • Standard Calendar Periods are opened for every Document Category, which means that Etendo allows the user to post any document type to the ledger within a standard calendar period open.
  • The Adjustment Period is only open for G/L Journal document category, which means that Etendo allows to post only G/L journals within the adjustment period.

Period

The Period tab lists all the periods of a year. Also, it is possible to manually create the accounting periods of a year. That action requires to enter some information:

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The fields to note are:

  • A consecutive period number: this number will be later on used to open/close consequent accounting periods at a time.
  • A period name.
  • The starting date of the period.
  • The ending date of the period.
  • The period type as Standard Calendar Period Type or Adjustment Period as required.

Note

The values of a Period can be manually modified also, but only while this Period is in a Never Opened Status, once it has been open it will no longer be possible.

Etendo checks if another period with the same starting and ending date is already registered in the system, and it also checks if the date of a period overlaps the date of another period.

Finally, a year can be:

  • closed
  • and re-opened

Both actions are performed in the End Year Close window.

This work is a derivative of Fiscal Calendar by Openbravo Wiki, used under CC BY-SA 2.5 ES. This work is licensed under CC BY-SA 2.5 by Etendo.