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Definition: What is it?

Time periods are a defined period of time (usually a month, quarter or year) that is used to group business transactions. It is a key part of any general accounting setup.

TO CHECK: The minimum setup required for OFBiz is a financial year (eg 1st April - 31st March) as one of the validation checks of accounting transactions is to verify that a time period has been setup for the transaction to be posted to.

What is it used for?

Time periods can be used for the definition of :

• Company Financial Year
• Fiscal / Tax Periods (weeks, months, quarters)
• VAT / GST Periods
• Sales Periods

Any others ?

What's on the screen?

The screen is divided into 3 main areas. The first two show lists of the open and closed time periods. The area at the bottom allows you to define and enter a new time period.

 TO DO: Add a screenshot

How do I add a new time period?

Example: To add a new financial year that runs from 1st April 2008 to 31st March 2009

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The new time period will now be displayed in the list of open time periods.

How do I update a time period?

NOTE: Time periods cannot be updated via the current time periods screen. If you need to amend time period details then it can be done via Entity Data Maintenance in the Webtools menu.

How do I close a time period?

To close a time period select the 'Close' button next to the time period. The time period will be removed from the current open time periods area and re-displayed in the closed time periods section of the screen.

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TO CHECK: What happens if you have a transaction that needs to be posted to a closed time period...??

Other ways to create and update time periods

Time periods can be created, updated or deleted by using the Webtools menu using the following steps:

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