When trying to close the end of financial years, users may encounter an error that more financial periods need to be set up.
The Systems Maintenance module keeps track of the financial years, including the start/end dates of the years, and the periods that fall within each year. The software is able to maintain 3 open financial years at once, so when a close financial year is performed it grabs the next available financial year from the period area, and makes this available to users.
The error message advising more financial years need to be set up indicates the software has run out of financial years, and does not know what periods it needs to make available for the user. To fix this, the user will need to create more financial years, and forecasted periods.
1. Log into the Systems Maintenance module
2. Click on Periods
3. Scroll down and see what is the financial year of the last period displayed. If it is within the next 3 financial years, you will need to create more financial years; continue through the steps detailed below. If you have a year listed that is more than 3 years away you can skip through creating the financial years and go straight to creating the forecasted periods as per Step 13
4. Click Years
5. Click Add Year
6. The Year Start Date will be automatically populated with the first day of the next financial year to be created in the software. Check the Year End Date (it should be the last day for the financial year)
7. Enter a Short Name for the year e.g. 2015-20126
8. Enter a Name for the year e.g. July 2015 – June 2016
9. Enter a Description for the year e.g. July 2015 – June 2016
10. Press OK
11. Close the “Maintain Financial Year Definitions” window
12. You will now need to create forecasted periods, so when a close financial year is performed these periods will change to “future”, and can then be used via the end of period rollover function
13. Click Company
14. Select the appropriate company from the drop down box
15. Click Forecast
16. A message will appear requesting confirmation for the creation of new forecasted periods. Click Yes
17. Close the window
Your new financial years and periods have now been set up, and will be available to do the close year function.