Modifying financial calendar details

This page allows you to modify a financial year. Tell me more.

• Select the “Financial Calendar” link at the bottom of the “Select Finance / Tax Calendar” page.

The “Edit Financial Calendar” page appears.

The system displays the following:

The system displays the following in the “Financial Year Details” group box:

• Modify the following field if required:

The system displays the following:

• Modify the following field if required:

Note: It is not possible to extend the financial year if a budget has been defined for the subsequent financial year. The year can be extended if the budget has been set to zero.

If you want to reduce a financial year, which has every quarter as a financial period, you must modify the end date of the year prior to the start date of the last quarter. The starting date of the subsequent financial year, if it has been defined, will be realigned automatically Refer Example 1.

 If you want to extend the financial year the start date of the subsequent financial year must be redefined. If required the first financial period of the second year might be deleted. Refer Example 2

• Modify the following fields in the “Financial Period Details” multiline:

The system displays the following:

• Modify the following fields in the “Financial Period Details” multiline:

Note: The date entered in this field must not be after the end date of the financial year.

Note: If “Yes” is selected for a financial period all the preceding financial periods must also have legacy dates.

If “No” is selected for a financial period, the subsequent financial periods must also not have legacy dates.

• Click the “Edit” pushbutton to save the modifications made.

The system saves the modifications made to the financial year. The system also updates the modifications made to the child companies to which the financial calendar has been attached. The system also updates the modifications made to the MAC calendar and the VAT calendar available.

The system also updates the login ID of the user and the system date in the “Last Modified By” and “Last Modified Date” fields.

The system displays the following:

To proceed, carry out the following

• Select the “Attach Notes” link at the bottom of the page to record your observations.

Modifying financial calendar details – An overview

You can modify the details of the financial calendar for the financial periods / year which is after the current financial period / year. You can modify the description of the financial year. If the end date of the financial year is extended or reduced, the system realigns the dates of the financial periods based on the modified end date. The starting date of the subsequent year will also be realigned automatically.

You can also modify the details of the financial period like the code identifying the financial period, the description and the end date of the financial period. You can also set whether the financial period is a legacy period for the financial year. The system stores the login ID of the user and the system date along with the modified details. The system also updates the modifications that have been made in the corresponding “MAC Calendar” and “VAT Calendar”.

You can modify a financial period / year if:

•  the period / year is not in the “Closed” status.

•  the period / year is not in an “Inactive” status.

•  transactions exist for the selected period / year

• an account based budget has been defined for the subsequent financial period / year that is to be modified or deleted.

Example 1:

For “Company ABC” the following financial years have been defined:

Every quarter has been defined as a financial period in both the financial years. If the duration of the financial year “FY1” has to be decreased from 31^st of December‘01 to 30^th of September’01 it will be permitted on any date prior to 1^st of October’01 provided financial transactions have not been posted during the period 1^st of October’01 to 31^st of December’01.

The duration of the financial years after the decrease in the duration would be as follows:

Example 2: 

 For “Company ABC” the following financial years have been defined:

Every quarter of both the financial years “FY1” and “FY2” have been divided into financial periods. The following are the start dates and the end date of the financial periods:

If financial year “FY1” has to be extended from 31^st December’01 to 30th June’02, the start date of the financial year “FY2” will be changed to 1^st July’02. Subsequently the first financial period “FY2-FP1” will be deleted. The following would be the start and end dates of the modified financial periods: