Select Accounting Cycle from the Chart of Accounts menu, and the Accounting Cycle window opens.
Click Add, and the Accounting Cycle Detail window opens.
Complete the fields as described below. All fields are required.
Cycle Name: Enter a descriptive name. Note: If your organization uses multiple accounting cycles, consider indicating the date range or including a cue in the cycle name so users working in other windows will readily be able to identify and use the correct accounting cycle.
Account Structure: Select from the pull-down list. Available account structures are created in Chart of Accounts Administration > Structure Maintenance.
Begin Date: This date may be changed later, as long as the cycle is in the Open state, as it's for reporting purposes only. The begin date is typically the first day of the fiscal year covered by this cycle and must occur before the end date.
End Date: This date may be changed later, as long as the cycle is in the Open state, as it's for reporting purposes only. The end date is typically the last day of the fiscal year covered by this cycle and must occur after the begin date.
Prior Cycle Name: Select the accounting cycle that occurred immediately prior to the accounting cycle you're creating. The prior cycle field is used for reporting and rolling over account balances from one cycle to the next. Note: If a prior cycle is not specified, account balances will not roll over from the previous account cycle. The prior cycle can be changed as long as the current accounting cycle is open.
Payroll Acct. Method: Select from Cash or Accrual. Note: Once the accounting cycle is in the Active state, you can't change this method.
AP Acct. Method: Select from Cash or Accrual. Note: Once the accounting cycle is in the Active state, you can't change this method.
Click Save. The cycle is saved, and the Accounting Periods tab is displayed.
You're now ready to add periods to the accounting cycle.
Return to Accounting Cycle Overview
Version
4.1 © 2020 - Harris School Solutions - All rights reserved