The accounting calendar consists of a main calendar and calendars for each user group. These calendars are connected to a ledger in a company in order to control the opening/closing for accounting years and periods per ledger. The following are methods for using accounting periods:
Accounting Calendar
Open periods for the previous year and several future years are created when a new company is created. These periods are based on calendar years with twelve periods per year. Modify or complete the information to suit the requirements of your company. Use the New function to create new periods, if applicable. Then connect the user group to the period by using either the User Groups per Period or Create Periods per User Group options. You can create year opening and year closing periods to distinguish postings designated to year-end accounting from postings that belong to the ordinary accounting periods.
Split Financial Year
If a company uses a split financial year and has installed IFS Cloud/Fixed Assets, then you must modify or complete the calendar information. After the company is created in IFS Cloud/Accounting Rules, all periods in the Depreciation Calendar page in IFS Cloud/Fixed Assets will be deleted. Modify the periods in the Accounting Periods page in IFS Cloud/Accounting Rules. Before modifying the periods you need to disconnect user groups from the periods. When all periods are created, generate the same periods in the Depreciation Calendar page in IFS Cloud/Fixed Assets by using the Initialize Periods operation. The periods are copied from IFS Cloud/Accounting Rules when you use this operation.