Standard accounting periods

If you use standard accounting periods in your company, you can use the Company Information page to set the fiscal month and tax month for your accounting periods.

Whether your company uses Standard or Custom accounting periods is determined during the initial company setup.

If you have the required permissions, you can check to see which type of accounting periods are in use.

1. Go to Company > Setup > Company.

2. Go to the Accounting tab.

3. Check the Accounting periods field. You'll see either Custom or Standard.

This setting applies to all entities in a multi-entity company. You cannot have one entity with a standard calendar and another entity with a custom calendar. Nor can you have different custom calendars for different entities.

After a transaction has been posted in the company, you cannot change from Standard to Custom or from Custom to Standard.

Accounting period information

Standard accounting periods appear when you create a reporting period.

You can generate a report based on a standard accounting period or a range of dates.

The dropdown list for the reporting period includes the standard periods at the top of the list. These include monthly, quarterly, and annual options that include next, current, and past periods. Accounting periods that use fiscal first months are listed at the bottom and begin with Fiscal--.