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If your organization follows the financial periods to track the labor hours from project and non project work, you should define financial periods. Define financial periods to match your organization’s fiscal calendar.
Steps:
- On the Quick Launch, click Server Settings
- On the Server Settings page, click Financial Periods
- In the Manage Fiscal Period section, click the year that you want to define as the fiscal period, and then click Define
- In the Set Fiscal Year Creation Model section, select a formatting method for the fiscal period
- 4,5,4 Method This method sets a four-week fiscal period, followed by a five-week fiscal period and another four-week fiscal period
- 4,4,5 Method This method sets a four-week fiscal period, followed by another four-week fiscal period and a five-week fiscal period
- 5,4,4 Method This method sets a five-week fiscal period, followed by a four-week fiscal period and another four-week fiscal period
- 13 months This method sets each period as four weeks
- Standard calendar year This method sets each period according to the standard 12month year beginning on January 1
- In the Define Period Naming Convention section, create a unique name for the periods by entering: A prefix of up to 15 characters; A sequence number of up to six digits;
A suffix of up to 15 characters
- Click Create and Save
Example: Creating Fiscal Periods using Standard Calendar Year Model:
The system creates Financial Periods according to specifications entered above, and the
periods displayed as in Fiscal Periods page.
Edit Financial Period:
If you would like to start/end date of the first fiscal period, you can edit the date by clicking the cell. Date Picker will be displayed to select the desired date. Once you select the date and click “Save”, the following period dates will be adjusted automatically.
Delete Financial Periods:
If you want to redefine the fiscal period further because of a mistake you made, you need to first select the period, and then delete it by clicking Delete, and then redefine it by clicking Define.
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