Fiscal Years Overview

Fiscal years are used to define the number of annual periods and the beginning and ending dates for each period. While fiscal years are associated with calendars, they do not have to correspond with a calendar year. Many organizations use 12, 13, or 14 periods. This software is flexible enough so that you can use a number less than 12 for transition years, or up to 52 to support weekly reporting.

Depending on the applications purchased by your company, fiscal-year-related tabs can display from either eFinancials or ePO menus.

Setting up fiscal years is required. When you set up a fiscal year, you select a calendar ID to add each year. For example, if you are converting the data from a prior year, you need to add the prior year, and then you need to add the current year. If you plan on using the budgeting tool for future periods, you also need to define the future year for the fiscal year.

For either a true 13 period year or a 12 period year plus 1 adjustment period, setup 13 periods.
For a 13 period year plus 1 adjustment period, setup 14 periods.
For weekly statistical reporting, such as tracking unit availability by week, setup 52 periods.

Note

Calendar IDs must already be set up in eFinancials prior to adding fiscal years. For more information, refer to Calendar Concepts and Processes.