Fiscal Periods

each entity if gravity will have it's own fiscal period table defining each reporting period gravity provides several standard fiscal period options as well as the option to created custom periods to meet individual requirements gravity automatically maintains fiscal periods for standard structures they are created when journal entries are posted to a new year or a budget is created for a new year the following fiscal period options are available calendar gravity automatically creates fiscal periods in the fiscal period table for calendar months based on the fiscal year end defined 4 week gravity automatically creates fiscal periods in the fiscal period table based on 4 week periods 4 4 5 periods gravity automatically creates fiscal periods in the fiscal period table based on the schedule of 4 week, 4 week then 5 week periods custom fiscal periods must be manually maintained in the fiscal period table the custom fiscal periods option allows the user to set up any structure to meet reporting needs fiscal period note when using one of the standard period structures provided by gravity, the periods are automatically set up new fiscal periods need to be set up only when using the custom period option custom period set up fiscal period information period name a unique name to define each period period number a number used to sequent periods this is defined as fiscal year+ sequential number fiscal year the 4 digit fiscal year p eriod begin date enter the date of the first day in the period period end date enter the last date of the period note fiscal periods must be contiguous and span the entire fiscal year period close gravity allows you to close a period by functional area closing an area prevents posting transactions into that period select open or closed to control the periods the general ledger should be the last to be closed as no transactions can be posted in subledgers if it is closed a fiscal period can be closed or re opened at any time