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Fiscal Calendars Configuration

Navigation Path: General Ledger module > Ledger setup > Fiscal calendars

Overview​

The Fiscal Calendars page provides the temporal framework for all financial activities within the enterprise. A fiscal calendar defines the fiscal years and their constituent periods, which dictates how transactions are chronologically recorded, summarised, and reported.

Calendar Management​

From the left navigation pane, you may manage the overarching fiscal calendars and their respective financial years.

  • Fiscal Calendar Selection: Use the drop-down menu to select an existing calendar.
  • Year Management: You can add or delete specific fiscal years (e.g., 2026) within the selected calendar.

Year Definition (General Information)​

Upon selecting a specific fiscal year, the General information section delineates its boundaries.

  • Fiscal Year Name: The identifier for the year (e.g., 2026).
  • Start Date / End Date: The precise date range encompassing the fiscal year. These dates dictate the strict boundaries for transaction posting within this year.

Fiscal Periods​

The Fiscal periods grid defines the granular time buckets within the selected fiscal year. Financial transactions are posted into these specific periods.

  • Period Name: A sequential identifier for the period (e.g., Period 1).
  • Type: Dictates the functional nature of the period:
    • Opening: A specialised period (typically Period 0) utilised exclusively for recording opening balances carried forward from the previous fiscal year.
    • Operating: Standard periods (e.g., Periods 1 through 12) wherein daily business transactions are recorded.
    • Closing: A specialised period (typically Period 13) reserved for executing year-end closing adjustments.
  • Start Date / End Date: The exact date boundaries for the individual period.
  • Short Name: An abbreviated identifier for reporting purposes.
  • Month / Quarter: Categorisations used to group periods for consolidated financial reporting.

Period Operations​

Manual, arbitrary creation of periods is restricted to ensure temporal integrity. Instead, users may refine the calendar using the following specific operations:

  • Create Closing Period: Allows the creation of a specialised period restricted to a single day. This period operates concurrently with the final day of a fiscal year, facilitating year-end adjustments without impacting standard operating period balances.
  • Divide Period: Select an existing Operating period to split it into two distinct periods. You must provide a Divide date, which establishes the start date of the new period, whilst simultaneously truncating the original period to end on the preceding day.