Fiscal Year Configuration & Period Labels Article

Fiscal Year Configuration & Period Labels Article

The Fiscal Period Configuration is found in the Manage Company Databases/Company Definitions screen on the Period labels tab. 

This is where the company's fiscal period configuration and fiscal period labels are assigned.


At any point in time these settings can be changed, (if you are changing labels or increasing the number of periods for budgeting),

However, If you are decreasing the number of periods (removing beginning balance or removing a 13th period) please contact Dynamic Budgets support for assistance, you may risk orphaning values in the previously used fiscal periods you are about to hide.


Screen Sections Explained:

1) If you wish to change from 3 letter month abbreviations to full month names feel free to type over the Labels in the right white column and hit save labels.


2) the grey text box is provided as a copy and paste listing to assist with populating the values in section 1, simply highlight portions of the list, hit Control-C to Copy, move to a cell in section 1, and hit Control-V to paste.


3) The Beginning Period needs to be set to the first month of your fiscal year for the payroll module to properly accrue FICA type of capped taxes.

​

4) Dynamic Budgets supports 4 styles of Fiscal Period Configurations


  • Beg Bal - Period 12 for customers who intend to budget Balance Sheet accounts and Cash Flow transactions
  • Period 1 - Period 12  (a typical 12 period configuration)
  • Period 1 - Period 12 (13 Fiscal Period Configuration) typically used by not-for-profit organizations which use the last day of the year for non-budgeted fund balancing transactions which should be ignored in P&L financial reporting
  • Period 1 - Period 13 - for organizations which budget to a full 13 fiscal periods (13 periods of 4 weeks each)



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