Managing Fiscal Years & Fiscal Periods

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."

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Payable window; shows the Journal Date Field alert.
Image 1: Journal Date Alert

Accessing Company

The fiscal period settings are in the Company window because Comsense records journal entries under the company making the transaction. 

Enterprise > System Options > Company

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Enterprise Navigation menu; shows the location of System Options and Company.
Image 2: Enterprise Left-Hand Navigation Menu

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:

  1. Open the company
  2. Click the Fiscal Periods tab
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Company window; shows the location of the Fiscal Periods tab.
Image 3: Fiscal Periods Tab

In the Fiscal Years pane:

  1. Right-click
  2. Click Add Fiscal Year
    • A new fiscal year line item will populate
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Company window; shows the Fiscal Years pane right-click menu.
Image 4: Fiscal Periods Right-Click Menu

On the current Fiscal Year line item:

  1. Select Open in the Status drop-down list
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Company window; shows the fiscal period status drop-down list.
Image 5: Status Drop-Down List

On the past Fiscal Year line item: 

  1. Select Closed in the Status drop-down list
  2. 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.

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Company window; shows the updated fiscal period status.
Image 6: Update Fiscal Period Status
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