How to Create Fiscal Calendars
Fiscal calendars in Formever are created a fiscal year at a time. When you first start Formever you will have to create your first fiscal year. Fiscal years are created using the Fiscal Calendar Manager widget.
The first fiscal year requires you to specify the starting month. The starting month is set by clicking on “Make Earlier” or “Make Later” to change the starting month back a month or forward a month respectively.
The first fiscal year, like all subsequent fiscal years, requires you to set the number of accounting periods in the fiscal year. Normally a fiscal year has 12 accounting periods and that is the default. If you are creating a standard 12 month fiscal year you can just leave it and go on to creating the fiscal year.
When you click on ‘Create First Fiscal Year’ you will be asked to confirm the action with an alt-1 key combination (option-1 on the Mac).
REMEMBER – once a fiscal year has been created it cannot be changed. So make sure that the fiscal year is set up to how you want it before creating and confirming the creation.
We recommend that you create a fiscal year prior to your first operational fiscal year. Such a fiscal year is useful for historical results that can be used for comparison purposes on financial statements. If you don’t use it it will not create any problems, but if you decide you would like historical comparisons later you will not be able to add it after the fact.When your fiscal year is created it will appear on the Fiscal Calendar Manager.
Beside each fiscal year is a small triangle (a ‘twiddle’) that can be clicked to expand the fiscal year into periods. You will see the full list of periods (including the YSP and YEP). Each accounting period is marked as unlocked (as the default) and can be locked to prevent data entry. For further details on accounting periods see How To Use Accounting Periods and 2.1.3 How To Lock Unlock Accounting Periods.
Creating Subsequent Fiscal Years
After creating the first fiscal year you can create another fiscal year or proceed to the next step of setting up your Formever system (see 2.2.1 How To Set Currencies).
When you decide to create another fiscal year (either immediately after the first or at some later date) you click ‘Create Next Fiscal Year’.
For fiscal years after the first one you are not asked to set the starting date as additional fiscal years always start on the month following the last month in the previous fiscal year.
You can set the number of months in the fiscal year if you want to have a non-standard year, or leave it at the default of 12.
You click ‘Create Fiscal Year’ and confirm.
The new fiscal year will appear on the list and can be expanded to show all the accounting periods that belong to it.