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.