Period based reporting & selecting the correct year?

How do I choose the corect year for certain reports in the system if my company goes from June to July for example

Written By Niall Conlon (Draft Writer)

Updated at April 30th, 2018

The system operates a 12 monthly period based reporting system. For example if you have a January to December finanical year each month has the same year for each month for reporting purposes

Financial periods used by companies do not always coincide with calendar periods and these entities could choose to use one of the following financial periods or years:

  • A calendar financial year, i.e. January 2018 to December 2018. This year would be listed as year 2018, or year ending 2018.
  • A non-calendar financial year, i.e. March 2018 to February 2019. This year would generally be listed as 2019 as the last period is February 2019, or year ending 2019.

When a business entity uses a calendar financial year the user should note the following:

If the user would like to view a trial balance for the month of August 2018, and selected 'Financial Year - 2018' and 'Financial Period - August', the data displayed would list August 2018. This is because the 2108 financial year runs from January until December 2018


When a business entity uses a non-calendar financial year the user should note the following: 

If the user would like to view a Trial Balance for the month of December 2018, and selected 'Financial Year - 2018' and 'Financial Period - December', the data displayed would list December 2017. This is because the 2018 financial year runs from July 2017 until June 2018 in this example

The 'Calendar Period' field is listed on the General Ledger reports to clarify which calendar period data is listed in the report.

In order to list the correct data for calendar month 'December 2018', the user would have to specify '2019' as the financial year, which runs from July 2018 until June 2019 in this example.

and the report shows as follows

You can see where your financial year settings are by going to Setup > Financial Periods opener