2
.. i18n: Periods and fiscal years
3
.. i18n: ========================
5
Periods and fiscal years
6
========================
8
.. i18n: .. note:: Periods and fiscal years
10
.. i18n: A fiscal year corresponds to twelve months for a company.
11
.. i18n: In many countries, the fiscal year corresponds to a calendar year. That's not the case in
14
.. i18n: The fiscal year is divided into monthly or three-monthly accounting periods.
16
.. note:: Periods and fiscal years
18
A fiscal year corresponds to twelve months for a company.
19
In many countries, the fiscal year corresponds to a calendar year. That's not the case in
22
The fiscal year is divided into monthly or three-monthly accounting periods.
24
.. i18n: Open ERP's management of the fiscal year is flexible enough to enable you to work on several years
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.. i18n: at the same time. This gives you several advantages, such as creating three-year budgets, and
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.. i18n: statements straddling several calendar years.
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Open ERP's management of the fiscal year is flexible enough to enable you to work on several years
29
at the same time. This gives you several advantages, such as creating three-year budgets, and
30
statements straddling several calendar years.
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.. i18n: .. index:: period
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.. i18n: .. index:: fiscal year
36
.. index:: fiscal year
38
.. i18n: Defining a period or a fiscal year
39
.. i18n: ----------------------------------
41
Defining a period or a fiscal year
42
----------------------------------
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.. i18n: To define your fiscal year use the menu :menuselection:`Financial Management --> Configuration -->
45
.. i18n: Financial Accounting --> Periods --> Fiscal Year`. You can create several years in advance to define long-term budgets.
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To define your fiscal year use the menu :menuselection:`Financial Management --> Configuration -->
48
Financial Accounting --> Periods --> Fiscal Year`. You can create several years in advance to define long-term budgets.
50
.. i18n: .. figure:: images/account_period.png
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.. i18n: :align: center
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.. i18n: *Defining a financial year and periods*
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.. figure:: images/account_period.png
60
*Defining a financial year and periods*
62
.. i18n: First enter the date of the first day of your fiscal year and the last day. Then to create the
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.. i18n: periods click one of the two buttons at the bottom depending on whether you want to create twelve
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.. i18n: 1-month or four 3-month periods:
66
First enter the date of the first day of your fiscal year and the last day. Then to create the
67
periods click one of the two buttons at the bottom depending on whether you want to create twelve
68
1-month or four 3-month periods:
70
.. i18n: * :guilabel:`Create monthly periods` ,
72
.. i18n: * :guilabel:`Create 3-monthly periods` .
74
* :guilabel:`Create monthly periods` ,
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* :guilabel:`Create 3-monthly periods` .
78
.. i18n: Closing the end of the year
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.. i18n: ---------------------------
81
Closing the end of the year
82
---------------------------
84
.. i18n: To close the end the year, use the menu :menuselection:`Financial Management --> End of year
85
.. i18n: processing --> Close a Fiscal Year`. A form opens asking you for the essential information it needs
86
.. i18n: to create entries to start the following year.
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To close the end the year, use the menu :menuselection:`Financial Management --> End of year
89
processing --> Close a Fiscal Year`. A form opens asking you for the essential information it needs
90
to create entries to start the following year.
92
.. i18n: When the year is closed you can no longer create or modify any financial transactions in that year.
93
.. i18n: So you should always make a backup of the database before closing the fiscal year. Closing a year
94
.. i18n: isn't obligatory and you could easily do that sometime in the following year when your accounts are
95
.. i18n: finally sent to the statutory authorities, and no further modifications are permitted.
97
When the year is closed you can no longer create or modify any financial transactions in that year.
98
So you should always make a backup of the database before closing the fiscal year. Closing a year
99
isn't obligatory and you could easily do that sometime in the following year when your accounts are
100
finally sent to the statutory authorities, and no further modifications are permitted.
102
.. i18n: .. figure:: images/account_fy_close.png
104
.. i18n: :align: center
106
.. i18n: *Closing a financial year*
108
.. figure:: images/account_fy_close.png
112
*Closing a financial year*
114
.. i18n: It's also possible to close an accounting period. You could for example close a monthly period when
115
.. i18n: a tax declaration has been made. When a period is closed you can't modify any of the entries in that
116
.. i18n: period. To close an accounting period use the menu :menuselection:`Financial Management -->
117
.. i18n: Configuration --> Periodical Processing --> End of Year Treatments --> Close a Period`.
119
It's also possible to close an accounting period. You could for example close a monthly period when
120
a tax declaration has been made. When a period is closed you can't modify any of the entries in that
121
period. To close an accounting period use the menu :menuselection:`Financial Management -->
122
Configuration --> Periodical Processing --> End of Year Treatments --> Close a Period`.
124
.. i18n: .. Copyright © Open Object Press. All rights reserved.
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.. Copyright © Open Object Press. All rights reserved.
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.. i18n: .. You may take electronic copy of this publication and distribute it if you don't
129
.. i18n: .. change the content. You can also print a copy to be read by yourself only.
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.. You may take electronic copy of this publication and distribute it if you don't
132
.. change the content. You can also print a copy to be read by yourself only.
134
.. i18n: .. We have contracts with different publishers in different countries to sell and
135
.. i18n: .. distribute paper or electronic based versions of this book (translated or not)
136
.. i18n: .. in bookstores. This helps to distribute and promote the Open ERP product. It
137
.. i18n: .. also helps us to create incentives to pay contributors and authors using author
138
.. i18n: .. rights of these sales.
140
.. We have contracts with different publishers in different countries to sell and
141
.. distribute paper or electronic based versions of this book (translated or not)
142
.. in bookstores. This helps to distribute and promote the Open ERP product. It
143
.. also helps us to create incentives to pay contributors and authors using author
144
.. rights of these sales.
146
.. i18n: .. Due to this, grants to translate, modify or sell this book are strictly
147
.. i18n: .. forbidden, unless Tiny SPRL (representing Open Object Press) gives you a
148
.. i18n: .. written authorisation for this.
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.. Due to this, grants to translate, modify or sell this book are strictly
151
.. forbidden, unless Tiny SPRL (representing Open Object Press) gives you a
152
.. written authorisation for this.
154
.. i18n: .. Many of the designations used by manufacturers and suppliers to distinguish their
155
.. i18n: .. products are claimed as trademarks. Where those designations appear in this book,
156
.. i18n: .. and Open Object Press was aware of a trademark claim, the designations have been
157
.. i18n: .. printed in initial capitals.
159
.. Many of the designations used by manufacturers and suppliers to distinguish their
160
.. products are claimed as trademarks. Where those designations appear in this book,
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.. and Open Object Press was aware of a trademark claim, the designations have been
162
.. printed in initial capitals.
164
.. i18n: .. While every precaution has been taken in the preparation of this book, the publisher
165
.. i18n: .. and the authors assume no responsibility for errors or omissions, or for damages
166
.. i18n: .. resulting from the use of the information contained herein.
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.. While every precaution has been taken in the preparation of this book, the publisher
169
.. and the authors assume no responsibility for errors or omissions, or for damages
170
.. resulting from the use of the information contained herein.
172
.. i18n: .. Published by Open Object Press, Grand Rosière, Belgium
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.. Published by Open Object Press, Grand Rosière, Belgium