Step 1: Designing Your Financial Framework – Part II

Defining Your Fiscal Periods

The fiscal period setup in myGPcloud is defined as twelve calendar year monthly periods. You can view or change this setup to align with business requirements.

In this section we’ll cover the following:

  • Adjust fiscal period setup
  • Open / Future Years
  • Period Close
  • Creating New Fiscal Periods

 

Adjust fiscal period setup

Another setup option in Dynamics GP is to define your fiscal periods. Dynamics GP is date sensitive. Which means the posting date of the transactions entered into Dynamics GP is the date the transaction posts in the general ledger. There are setup options in certain areas to change the posting settings to post by batch but the default is set to transaction date posting.

To view your fiscal periods in Dynamics GP, navigate to the Fiscal Periods Setup screen: Financial: Setup >> Company >> Fiscal Periods

Fiscal Period 1

The fiscal periods set with twelve monthly periods but can be adjusted in the Fiscal Period Setup window. When adding fiscal periods there should not be a gap in time from one fiscal period to the next period. If this is a historical year there will be a check mark on the Historical year checkbox.

Fiscal Period 2

You can change the Period Names of the various periods, e.g. Change “Period 1” to “January”. You can also change the start date of each period, so that if you use a 4-4-5 fiscal calendar, you can identify the appropriate start date of each period.

You can also have fiscal years with a number of periods greater or less than 12. So maybe you have a short year or “stub” year. You can easily define this in the Fiscal Periods Setup screen.

Open new fiscal period

Fiscal Period 3

To add a new year, simply key in the new year number in the “Year” field, and tab off the field. Verify that the “First Day” and “Last Day” are correct, and click on the Calculate button. You can adjust the Period Name and Start Date if you wish. Click OK, and you’re done.

Close period for Posting

Another function of this screen is to control posting to the general ledger to prevent unauthorized posting to a “closed” period. If a period is marked as closed in the Fiscal Periods Setup screen, transactions can be saved into a batch, but they will not post.

Additionally if you want to reopen a period for posting, you can do that as well. Closing a period in this screen does not initiate any processing. It only prevents transactions from posting to the closed period(s).

Here’s an example of fiscal period for which posting is only authorized for Period two/February:

Fiscal Period 4

Take a look at this video to see this in action: Fiscal Periods Setup

Next we’ll take a quick look at the Multicurrency setup. This is a quick setup that you’ll want to do.