You are viewing an old version of this page. View the current version.

Compare with Current View Page History

« Previous Version 8 Next »

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

  1. Using the area at the bottom of the screen labelled 'New'
  2. Leave the Parent Period Id field blank (Note: The financial year will be the parent of other time periods eg fiscal months or GST / VAT periods)
  3. Select  'Fiscal Year' from the Period Type Id drop down box
  4. Enter '13' in the Period Num field (Note: You can use any number that does not conflict with the other time periods you want to use. We plan to define 12 fiscal or tax months so will use 13 for the year) 
  5. Enter 'FY 2008-2009' in the Period Name field (Note: You can use any name you want but make sure it makes sense. This example is an abbreviation for Fiscal Year 2008-2009)
  6. Select '1st April 2008' using the calendar lookup in the From Date field and press OK
  7. Select '1st April 2009' using the calendar lookup in the Thru Date field and press OK (Note: Even though we want our financial year to end on 31st March 2009 the test is used is based on less than not an equal to)
  8. Leave the Is Closed field at its default of 'No'
  9. Press the 'Create' button
    The new time period will now be displayed in the list of open time periods.

How do I update a time period?

TO DO

How do I close a time period?

TO DO

  • No labels