Fiscal Year is the entire fiscal year for which transactions can be posted. When posting a transaction, transaction dates will be required to be in an open fiscal year. You may have more than one fiscal year opened simultaneously but only one fiscal year can be current. An open fiscal year allows you to post transactions in that year. The current year can be an open or closed fiscal year (you do not need to re-open a fiscal year to make it current).
he DATSCN also contains the capitalization criteria. This is comprised of a dollar threshold and a life limit. These values are determined and set by Board policy. The figures put in these fields will determine which items will be capitalized and included on the GAAP schedules. If a value is entered for the life limit it becomes necessary to enter a value for the useful life on the item screen records. Items must meet both criteria in order to be capitalized.
The Fiscal Year Grid contains the Inventory Fiscal Years currently on f
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