How to: Manage fiscal years and fiscal periods in Comsense.
Environment: Comsense Enterprise
In this article:
Understanding Fiscal Years & Fiscal Periods in Comsense
Comsense requires fiscal years and fiscal periods for journal entries in the system. All fiscal years are entered and updated manually. The date of a journal entry must fall in a current and open fiscal period AND year.
If you do not create a new fiscal year after the current one ends, you will not be able to post any transactions such as save a receiving, complete a stock requisition or work order, or release a payable, etc. When you try to post a transaction outside of an open fiscal period or year, the transaction does not save and an alert from the Journal Date field says "You do not have a Fiscal Period created for the specified journal date."
The fiscal period settings are in the Company window because Comsense records journal entries under the company making the transaction.
Enterprise > System Options > Company
Closing the Past Fiscal year & Adding the New Fiscal Year
You need to add a new fiscal year at the end of every fiscal year to complete any transactions in the system.
In the Company window:
- Open the company
- Click the Fiscal Periods tab
In the Fiscal Years pane:
- Click Add Fiscal Year
- A new fiscal year line item will populate
On the current Fiscal Year line item:
- Select Open in the Status drop-down list
On the past Fiscal Year line item:
- Select Closed in the Status drop-down list
- Click Save & Close
Your new fiscal year is now open and the past fiscal year is now closed.
Opening & Closing Fiscal Periods
The line items in the Fiscal Periods pane correspond with the selected fiscal year in the Fiscal Years pane. The fiscal periods auto-populate when you create a new fiscal year using the same periods established in the previous fiscal year. You can open and close fiscal periods before or after the period end date. We recommend opening a new fiscal period before the current period ends. Depending on your company processes, you can leave a past fiscal period open to complete any remaining transactions.
At your preferred scheduling, Update the old fiscal period status to Closed and the new fiscal period status to Open.
Please sign in to leave a comment.