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.
  1. Click Apply.
  2. 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.

  1. Click Save.

 

 

When opening a new fiscal year in the General Ledger, a message informs the user that the opening balances for the newly created years must be calculated for the financial reports to be correct. The user can choose to recalculate the opening balances immediately or later (in the latter case, the recalculation will start automatically when closing the Open a Fiscal Year window).

As this operation may take some time, it is important not to interrupt this recalculation and to let it run completely for all years that will be opened, in order to avoid an imbalance in the trial balance of the new year. If necessary, fiscal years can be opened directly on the server to avoid any risk of disconnection.

In addition, if the calculation of opening balances has not been completed, this is indicated in a message displayed next to the year in the Fiscal Years Already Open section.

 

See also

 

Last modification: June 30, 2025