Period Types

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You can define your own period types to use in addition to the General Ledger standard period types Month, Quarter and Year. You use these period types when you define the accounting calendar for your organization.

Defining Period Types
Each set of books has an associated period type. When you assign a calendar to a set of books, the set of books only accesses the periods with the appropriate period type. Thus, you can define an accounting calendar with periods of more than one period type; however, each set of books will only use periods of a single period type.
Note: If you close your balance sheet using the Create Balance Sheet Closing Journals program, define 14 accounting periods for your period type.

 
 
1. Enter a unique Name for your accounting period type.

2. Enter the number of accounting Periods per Year. For example, you could define a Week period type and specify 52 periods per year. You can assign up to 366 accounting periods per fiscal year for any period type, and maintain actual balances for those periods. However, for budgets you can only use the first 60 periods.

3. Enter the Year Type to specify whether the period is part of a fiscal or calendar year. General Ledger uses the year type to assign a year in the accounting period system name when you set up your calendar.

  • Choose Calendar to use the year in which an accounting period begins for the system name.
  • Choose Fiscal to use the year in which your fiscal year ends for the system name.
For example, assume you have a July 1 to June 30 fiscal year and the current date is July 15, 1995. If you choose the Calendar year type, General Ledger appends the year 1995 to the period name (JUL–95) because July begins in 1995. If you choose the Fiscal year type, General Ledger appends 1996 to the period name (JUL–96) because the fiscal year ends in 1996.
Using the same July to June fiscal year example, if the current date is March 15, 1995 and you choose the Fiscal year type, General Ledger appends the year 1995 to the period name because the fiscal year ends in 1995.

4. (Optional) Enter a Description for the period type.

Difference Between a Fiscal Year and a Calendar Year
The one main difference between a fiscal year and a calendar year is when the year ends. Calendar years start on January 1 and end on December 31 regardless of the finances. A fiscal year can start at any point during a calendar year as long as it ends 12 months later. The US Congress uses October 1 thru September 31 to cover congressional sessions; while most retailers use February 1 thru January 31 so that the holiday rush, returns, and credit card income all are in the same year. School districts end their fiscal year at the end of June to match the end of the school year. The reason for using a fiscal year instead of a calendar year for tracking a fiscal plan is to keep income and the spending of that income in a single cycle.

Read more: http://www.brighthub.com/money/personal-finance/articles/56706.aspx#ixz…

What are the ramifications of using the Year Type of Calendar vs. Fiscal?

SOLUTION DESCRIPTION -  Meta Link : [ID 1013624.102]
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The Year Type (Fiscal or Calendar), is used only to determine which two digits to append to the system generated period name.
Regardless of which Year Type is used, the 'Year' entered on the Calendar form must be the same for all periods in your fiscal year - whether it is a calendar year or a fiscal year.

   If Year Type = Calendar:
       The last 2 digits of the 'From' date for the period are used.

   If Year Type = Fiscal:
       The last 2 digits of the value in the 'Year' column are used.

Examples are as follows:
   Your fiscal year runs from April 1998 through March 1999.

  For your 1999 fiscal year, you have defined your calendar as:
 
      Prefix   Year        From             To      
     -----------------------------------------------------------
      Apr     1999   01-Apr-1998   30-Apr-1998  
      May     1999   01-May-1998   31-May-1998
      Jun     1999   01-Jun-1998   30-Jun-1998
      Jul     1999   01-Jul-1998   31-Jul-1998
      Aug     1999   01-Aug-1998   31-Aug-1998
      Sep     1999   01-Sep-1998   30-Sep-1998
      Oct     1999   01-Oct-1998   31-Oct-1998
      Nov     1999   01-Nov-1998   30-Nov-1998
      Dec     1999   01-Dec-1998   31-Dec-1998
      Jan     1999   01-Jan-1999   31-Jan-1999
      Feb     1999   01-Feb-1999   28-Feb-1999
      Mar     1999   01-Mar-1999   31-Mar-1999

   If your Year Type is FISCAL, these are the Period Names that
   would be created:
                                                Period
      Prefix     Year             From          To         Name
      -----------------------------------------------------------------------
      Apr     1999   01-Apr-1998   30-Apr-1998   Apr-99
      May     1999   01-May-1998   31-May-1998   May-99
      Jun     1999   01-Jun-1998   30-Jun-1998   Jun-99
      Jul     1999   01-Jul-1998   31-Jul-1998        Jul-99
      Aug     1999   01-Aug-1998   31-Aug-1998   Aug-99
      Sep     1999   01-Sep-1998   30-Sep-1998   Sep-99
      Oct     1999   01-Oct-1998   31-Oct-1998   Oct-99
      Nov     1999   01-Nov-1998   30-Nov-1998   Nov-99
      Dec     1999   01-Dec-1998   31-Dec-1998   Dec-99
      Jan     1999   01-Jan-1999   31-Jan-1999   Jan-99
      Feb     1999   01-Feb-1999   28-Feb-1999   Feb-99
      Mar     1999   01-Mar-1999   31-Mar-1999   Mar-99

   If your Year Type is CALENDAR, these are the Period Names that
   would be created:
                                                Period
      Prefix   Year       From            To            Name
      --------------------------------------------------------------------
      Apr     1999   01-Apr-1998   30-Apr-1998   Apr-98
      May     1999   01-May-1998   31-May-1998   May-98
      Jun     1999   01-Jun-1998   30-Jun-1998   Jun-98
      Jul       1999   01-Jul-1998   31-Jul-1998     Jul-98
      Aug     1999   01-Aug-1998   31-Aug-1998   Aug-98
      Sep     1999   01-Sep-1998   30-Sep-1998   Sep-98
      Oct     1999   01-Oct-1998   31-Oct-1998   Oct-98
      Nov     1999   01-Nov-1998   30-Nov-1998   Nov-98
      Dec     1999   01-Dec-1998   31-Dec-1998   Dec-98
      Jan     1999   01-Jan-1999   31-Jan-1999   Jan-99
      Feb     1999   01-Feb-1999   28-Feb-1999   Feb-99
      Mar     1999   01-Mar-1999   31-Mar-1999   Mar-99

 

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