Overview
Fiscal Year is a fundamental component of FreeBalance Accountability Platform. Budgets are created per fiscal year, transactions are posted for a particular fiscal year, reports are generated by fiscal year, an analysis is performed comparing results from fiscal year to fiscal year and so on, etc. A fiscal year may not correspond to a calendar year. This screen contains the different fiscal years registered within the system.
Navigation
Admin ► Common Entities ► Fiscal Years & Periods ► Fiscal Years
Fiscal Year screen Fields
Field | Description |
Code | Unique alphanumeric code for Fiscal Year. |
Start Date | Start date of Fiscal Year. |
End Date | End date of Fiscal Year. |
Status | Defines the status of Fiscal Year- whether Open, Closed or New. |
Open for Budget Preparation | Defines whether the fiscal year is open for budget preparation. |
Open for Budget Execution | Defines whether the fiscal year is open for budget execution. |
Open for Adjustments | Defines whether the fiscal year is open for adjustments. |
Current Fiscal Year for Budget Execution | Defines whether it is the current fiscal year for budget execution. |
| Open for Purchasing Planning | Defines whether it is the current fiscal year for Purchasing Planning. |
Active | If false, the Fiscal Year cannot be used anymore and it would be there for reference purpose only. |
Abbreviation | Abbreviation for Fiscal Year. |
Description | Description of Fiscal Year. |
Overview
The system should provide the functionality to close the Open fiscal period. This functionality will not run any end-month closure process like ledgers, etc. such end-month closure process will be described as part of the General Ledger module. The Closed Fiscal Period for Regular Transactions will avoid posting transactions to regular users against such Fiscal Period and will allow starting a new Fiscal Year. Users with special access grants are the only ones who can post transactions against a Fiscal Period which is Closed for Regular Transactions.
When closing a fiscal period for regular transactions and there are still transaction that are not in final state the system will displays an error message "There are still transactions not in the final stage of the workflow"
All transactions that are not in final stage are to be carried over to the next open period.
Navigation
Admin ► Common Entities ► Fiscal Years & Periods ►Close a Fiscal Period
Close a Fiscal Period screen Fields
| Field | Description |
| Fiscal Year | Fiscal year to which the fiscal period to be closed belongs to. |
| Fiscal Period | The fiscal period to be closed is selected here. |
| Period Closer Type | Whether the period is closed completely or closed for the regular transaction is selected. |
| Delete Temp-Saved Transactions | This feature allows the user to delete all the temp saved transactions. |
| Bring Temp-Saved Transactions to Next Open Period | Whether Temp saved transactions to be closed fiscal period, should be carried to the next open period. Note: At a time only one checkbox should be selected. |
Overview
When a fiscal year comes to an end, it needs to be closed. And the process is executed from this screen.
Navigation
Admin ► Common Entities ► Fiscal Years & Periods ► Close a Fiscal Fiscal Year
Close a Fiscal Year screen Fields
| Field | Description |
| Fiscal Year | The fiscal year to be closed is selected. |
| Rollover Fiscal period | The period to which the balances are carried forward. |
Overview
Fiscal Period is sub-segments of a Fiscal Year which may be segregated either quarterly, six monthly or monthly.
Navigation
Admin ► Common Entities ► Fiscal Years & Periods ► Fiscal Periods
Fiscal Periods screen Fields
Field | Description |
Code | Unique identifier, assigned by the user. |
Fiscal Year | Fiscal Year to which the fiscal period belongs to. |
Period Level | Reference to the respective Period Level such as Monthly, Quarterly, etc. |
Sequence Order | Entered by the user and it represents the order of the Fiscal Period. |
| Period Type | Whether the period type is 'Regular' (default) or 'Adjustments' is mentioned. |
| Status | 'New' (default),'Open','Closed for Regular Transactions','Closed' are the status of Fiscal period. Only one Fiscal Period can be in Status 'Open' per Period Level at all times. |
| Parent Fiscal Period | Reference to a single parent Fiscal Period. Mandatory for Fiscal Periods that are not at the highest level. System should allow to select only applicable Parent Fiscal Period, according to the Period Level and it's hierarchy. |
| Active | If false, the Fiscal Period cannot be used anymore and it would be there for reference purposes. |
| Name | It to enter the name of the Fiscal Period. |
| Start Date | Date when the Fiscal Period will start. |
| End Date | Date when the Fiscal Period will end. |
Overview
The system provides the functionality to select (search and select) the fiscal period that will be opened. System presents only Fiscal periods for which are Fiscal period's "Status" is 'New' and the field "Is Active" is set to "True".
Navigation
Admin ► Common Entities ► Fiscal Years & Periods ► Open a Fiscal Period
Open a Fiscal Period screen Fields
| Field | Description |
| Fiscal Year | The fiscal year which is already open and it refers to the year to which the period to be opened belongs to |
| Fiscal Period | The fiscal period to be opened is selected in this field |
The fiscal year which is already open and it refers to the year to which the period to be opened belongs to. |
Overview
The fiscal year, which is opened to be used in the application for the current year, is made active from this screen.
Navigation
Admin ► Common Entities ► Fiscal Years & Periods ► Open a Fiscal Year
Open a Fiscal Year screen Fields
| Fields | Description |
| Fiscal Year | The fiscal year to be opened for use like Budget preparation, etc. is to be selected. |
| Open for Budget Preparation | Whether the fiscal year is to be opened for Budget Preparation. |
| Open for Budget Execution | Whether the fiscal year is to be opened for Budget execution. |
| Open for Adjustments | Whether the fiscal year is to be opened for adjustments. |
| Current Fiscal Year for Budget Execution | Whether the current fiscal year is for budget execution. |
Overview
A Period Level allows a Fiscal Period to be categorized such as Quarterly, Monthly, etc. This enables more flexible and hierarchical Fiscal Periods.
Navigation
Admin ► Common Entities ► Fiscal Years & Periods ► Period Levels
Navigation Period Level Screen Fields
Fields | Description |
Code | Unique identifier entered by users. |
Parent Period Level | User must select the Period Level where this belongs to. This allows for a hierarchical structure. Usually, it starts with Yearly, Semester (if needed), Quarterly (if needed), Monthly, etc. |
Budget Execution Transaction Level | False by default. Only one Period Level can have this as true. The level with True here will be used to post transactions like Commitments, Obligations, Purchase Orders, Expense Vouchers, General Ledger, etc. Usually, it is true at the Monthly level. |
Active | True by default. If this value is False, the Period Level cannot be selected anymore. |
Name | Name of the period level. Yearly, Quarterly, Monthly, etc. |
Description | Pertinent information related to the Period Level such as uses of the period level, observations, etc. |
Overview
The system provides the functionality to select (search and select) the fiscal year that needs to be re-opened. System presents only Fiscal Years which are Fiscal Year with Status='Closed' and Fiscal Year's Active field is set to True.
Navigation
Admin ► Common Entities ► Fiscal Years & Periods ► Reopen a Fiscal Year
Reopen a Fiscal Year screen Fields
Fields | Description |
Fiscal Year | The closed fiscal year which needs to be reopened. |
Open for Adjustments | Whether the fiscal year is reopened for adjustments, is mentioned. |