Defining fiscal periods

You can define fiscal years, fiscal quarters, fiscal months, or custom fiscal periods. Fiscal periods are a type of classification record, which means they exist in a hierarchy and must be defined in relationship to other records. For example, before you create fiscal quarters, you must create the fiscal year.

Procedure

  1. Go to Tools > Administration > Classifications.
  2. In the hierarchy panel, select Fiscal periods.
    • To define a fiscal year, select New > Fiscal year.
    • To define a fiscal quarter, select fiscal year > New > Fiscal quarter.
    • To define a fiscal month, select fiscal year > fiscal quarter > New > Fiscal month.
  3. Specify the name and required information for the fiscal period.
    For example, you can name a fiscal year 2014, a fiscal quarter Q1, or a fiscal month 01.
  4. Specify the sequence.
    The sequence number can be any decimal number value that sorts the list of years, quarters, and months.
    For example, you can enter 2036.1 for fiscal quarter 1 in fiscal year 2036.
  5. Create the fiscal period.