Accounting periods¶
Open accounting period¶
All journal entries must be associated with an accounting period. When journal entries are created, the system will look for an open accounting period with a start date in the past and an end date in the future. Only one Accounting Period should be open for a particular date range at any given point in time.
For example, the accounting period from 1/1/2024 - 1/31/2024 should be closed before a new accounting period from 1/15/2024 - 1/31/2024 is opened.
The app evaluates which accounting period to use in the following order:
- If multiple open accounting periods with valid and overlapping date ranges exist, the accounting period with the more recent start date is used.
- If no open accounting periods exist with a valid date range, the system checks to see if there is a pending accounting period with a valid date range and if it finds one, opens it.
- If no open or pending accounting periods with a valid date range are found, the system will create a new accounting period to associate with the new journal entries. The interval, start date, and naming convention of system-generated accounting periods can be set in the Fundraising Subledger Settings.
| Field | Type | Notes |
|---|---|---|
| Accounting Period Interval | Picklist | Supported values: Daily, Weekly, Monthly. The interval in which new accounting periods should be created. |
| First Day of Month | Number | For Monthly Accounting Period Intervals, the day of the month that new periods should start on. |
| First Day of Week | Picklist | For Weekly Accounting Period Intervals, the day of the week that new periods should start on. |
| Accounting Period Name Format | Text | The naming schema used when new accounting periods are system-generated. E.g. System-Generated Accounting Period {!startDate} {!endDate} |
| Date Format | Picklist | Supported values: Context User Locale, yyyy-MM-dd, M/d/yyyy The format to display dates. Select a specific convention or set to Context User Locale to use the locale of the running user. |
These settings are described in Accounting period settings.
Closing accounting periods¶
Open accounting periods remain open after their end date, and must be closed by an admin using the Accounting Period Toolbar.
Toolbar¶
Open/close accounting periods and perform manual adjustments from the Accounting Period Toolbar. Requires the Fundraising Subledger Admin permission set.