Introduction
The system operates a 12 monthly period reporting system. For example, if you have a January to December financial year, each month has the same year for reporting purposes.
Financial periods do not always coincide with calendar periods. Entities could choose to use one of the following financial years:
- Calendar financial year: January 2022 to December 2022. This year would generally be listed as year 2022, or year ending 2022.
- Non-calendar financial year: March 2022 to February 2023. This year would generally be listed as 2023 as the last period is February 2023, or year ending 2023.
See:
Period and Year End Management (2.5) - AIQ Academy
Selecting the Correct year on reports
In the blue banner, go to Reports > Report manager > Trial Balance Standard Format.
For Entities that use a calendar financial year:
- For a Trial Balance for the month of December 2018, selecting Financial Year - 2022 and Financial Period - December, lists December 2018. This is because the 2018 financial year runs from January until December 2018.
For Entities that use a non-calendar financial year:
- For a Trial Balance for the month of December 2018, selecting Financial Year – 2018 and Financial Period - December, lists December 2017. This is because the 2018 financial year runs from March 2017 until February 2018.
Calendar Period is listed in the header of General Ledger reports to clarify which calendar period data comes from:
In this example, the financial year runs from July 2018 until June 2019. To get the correct data for calendar month December 2018, enter 2019 in the Financial Year field:
The related report is as follows:
Viewing Open and Closed Financial Years
To view which financial periods are open and closed, go to Setup > Manage Financial Periods.
