Fiscal Years
- Former user (Deleted)
- Michelle Drewes
- Pat Zelei
A fiscal year displayed on the grid is the entire fiscal year (period) for which transactions can be posted. 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 that contain dates within 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).
When you migrated from Classic, Classic's current fiscal year and capitalization criteria was used during import and appeared on the Fiscal Years grid. For example, if your 'last year closed' in Classic EIS was 2021 (which means you're currently in FY2022), after migrating to Inventory, the current and open year displayed on the Fiscal Years grid is 2022. It also imported the dollar and life limit from Classic's EISMNT>DATSCN and displays them on the grid. Any period prior to the Classic current fiscal year is considered an archived period and is not be displayed in the Fiscal Years grid upon migration.
Creating a Fiscal Year/Open Period
In order to enter transactions for a particular year, the fiscal year (period) must be created. This will create the year ONLY. In order to open the new year, click the icon, and to make the year current, click on the icon. If the period has been closed and a transaction needs to be posted in that period, you can re-open the period. NOTE: We recommend re-closing the period after the transaction has been made.
Please do not create or open fiscal year periods prior to the year you migrated from Classic. Any year prior to the year you migrated is considered an archived period and should not be created in Inventory.
If archived periods were inadvertently created and/or open prior to the year you migrated, please do not close the archived fiscal years since it will affect beginning balances and depreciation values. INV-397 is scheduled for the 1.36.0 release which will prevent the creation and opening of archived periods and will automatically mark the archived periods created as closed.
Closing a Fiscal Year
It is not necessary to close a fiscal year before opening the next period. However, if you prefer to close a period after you have completed processing and balanced for the year, you can do so. A pop-up window will be displayed confirming that you want to close the fiscal year. Click 'Yes' to continue to close. An Inventory Report Bundle will be generated upon closing. The reports will be zipped and emailed to the email address(es) specified in Core>Configuration. NOTE: Configuration setup must be done in order for a report bundle to be emailed.
If you do not close a period and open the next period, please keep in mind Beginning Balance and LTD depreciation figures in the new period will not be accurate until the prior period is closed. Any reports generated in the new period containing LTD depreciation or beginning balance figures will not be accurate until the prior period is closed.
Making a Fiscal Year Current
To make a period current, click on for that particular FY on the grid. NOTE: Only one fiscal year period may be made current at a time.
Deleting a Fiscal Year
You may delete a posting period if you created the year in error. The system will only allow deleting if there are no transactions referencing the fiscal year.
More Information on Fiscal Year
The import process will create the current Classic EIS fiscal year on the grid only. Any previous years will not be displayed on the year.
Inventory Fiscal Year and USAS-R
Inventory does not need to be closed for the fiscal year when the USAS-R fiscal year is closed. The closing of USAS for a fiscal year has no effect on Inventory closing. You should continue entering items for your current Inventory fiscal year. Once all items are entered, you can follow the closing procedure and then proceed with entering inventory items for the next fiscal year.