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Posted March 06, 2025

Fiscal Year

A Fiscal Year is a 12-month accounting period used for financial reporting and budgeting. It may begin on any day of the calendar year and does not have to align with the calendar year. At the end of a fiscal year, financial records are closed, profit or loss is determined, and financial statements are prepared.

Note: Organizations can have multiple fiscal years open at the same time. This allows for generating and posting invoices and receipts for different fiscal years simultaneously.

The Name is used to describe the fiscal year.

The Year is formatted in a "YYYY/YYYY" structure to represent the beginning and end years.

The Begin Date determines the starting date of the fiscal year.

The End Date determines the last day of the fiscal year.

The Open Period Date determines when users can begin making changes to accounting information. This date is often set to the beginning of the fiscal year. If reconciliation has been completed up to a specific date, that date can be set as the open period date to prevent changes before it.