Add and Closing Financial Periods

Create, change or view the automatically configured financial periods for a financial year. On Key will automatically create 12 financial periods based on the financial year's start and end dates.

How to … Add Financial Periods for a Financial Year

Open the required financial year, click the Detail Edit Window () button on the toolbar, and then select Financial Periods to open the Financial Periods edit window.

Each financial period has the following fields:

Field	Description
Code	A unique code that identifies the financial period. For example, '2004 March'.
Description	A description of the financial period that is used in reports. Defaults to the Financial Period Code. For example, 'Month 2'.
Start Date	The date of the first day of the financial period. For example, '04/03/01', where the date format is YY/MM/DD.
End Date	The date of the last day of the financial period. For example, '04/03/31', where the date format is YY/MM/DD.
Open	Indicates whether the financial period is open.
Notes	Any descriptive details that support the Financial Year and Financial Periods.

How to … Close a Financial Period

To close a financial period, you need to:

Select the financial period in the list.
Click the Close Selected Financial Period () button on the toolbar.
Click Yes to confirm that you want to close the financial period.

Notes:

The financial year will be closed automatically after the last financial period has been closed.
Consecutive financial periods cannot have overlapping dates.
The start date of the first financial period must be the same as the start date of the financial year.
The end date of the last financial period must be the same as the end date of the financial year.
A financial period for which a budget is defined cannot be deleted.
Costs can only be posted to an open financial period. Transactions cannot be posted to a closed financial period.
A user must have the appropriate rights to close a financial period.
A closed financial period or a closed financial year cannot be reopened.