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.

The Standard or Custom accounting period structure is set at the top level on the Company Setup > Accounting tab. It applies to all entities in a multi-entity company. For single entity companies, it applies to the company.

Only one basic calendar structure is available for a company: Standard or Custom. In a multi-entity shared company, you can't have one entity with a standard calendar and another entity with a custom calendar, nor can you have different custom calendars for different entities in an ME-shared company.

After there is at least one transaction in the company, you can't 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 selector for the reporting period includes the standard (System)-based the top of the list, for example 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--.

Edit a fiscal first month accounting period

With standard accounting periods, you can edit only the fiscal first month for an accounting period, first tax month, and first day of the week, provided that you haven't yet entered any transactions in the selected period. After transactions have been entered, the details about the accounting period can't be changed.

1. Go to (Company > Setup > Company information > Accounting tab and select Edit.
2. Optionally, select the first fiscal month to use.
3. Make any other changes needed.
4. Select Save.