Open a Fiscal Year

OBJECTIVE

The Open a Fiscal Year function is used to define the various periods in the financial year. The accounting reports, like the journals, financial statements and other reports, can then be printed by period.

All system transaction are linked to a period. Maestro* supports financial years with 12 or 13 periods, however, 12 is the most popular option.

 

Steps

maestro* > Accounting > Maintenance > GL Maintenance > Open a Fiscal Year

 

Open a year

1. Click on New.
2. Enter the required information in the Selected year detail tab:

Field	Description
Year	Fiscal year to be opened.
Beginning of year	Start date of the first period in the year.
End of year	End date of the last period in the year.
Number of Periods	Number of periods in the fiscal year.

Maestro* automatically calculates the various periods according to the number specified: for 12 periods, the initial date is carried forward from one month to the next, to the end of the year. For a financial year with 13 periods, the system divides the year into 4-week blocks (28 days) starting on the initial date.

3. Click Apply.
4. Enter the required information in the Beginning and Ending Period Dates tab:

Field	Description
Start date	Start date of the period.
End Date	End date of the period.
Receivables	If the box is checked, indicates that the period has been closed.
Payables	If the box is checked, indicates that the period has been closed.
General Ledger	If the box is checked, indicates that the period has been closed.
Job Cost	If the box is checked, indicates that the period has been closed.

5. Click Save.

 

See also

• Close a Period
• Edit a Fiscal Year

 

Last modification: November 12, 2024