Best Practices


  • Opening a Fiscal Year – When opening a new fiscal year, do not attempt to add the year from the Financial Year Maintain Screen. The process called Open Financial Year must be run, which will create the Fiscal Year record here and populate the OPEN YEAR section.
  • Inactivating a Fiscal Year – When inactivating a fiscal year, do not uncheck the active flag in the Financial Year Maintain Screen. If a fiscal year must be inactivated, it must be done through the Inactivate/Close Year process in the Maintenance menu.
  • Default Current Processing Month – Access this screen to change the default Current Processing Month for Financial Management, Fixed Assets and Payroll. (Purchase Orders, Vendor Payments and some revenue modules have their own defaults.) The month should be changed when the majority of transactions will be in the selected month; this can be before or after the actual first day of the month.


Financial Years / Current Month


  1. Finance → Financial Management → Maintenance → Financial Years / Current Month → Financial Years / Current Month OR Taskbar → Financial Years / Current Month
  2. Like changing the default fiscal year for certain modules, you can change the default fiscal month for those modules on this screen.
  3. The Maintain Screen contains the fiscal year, the description of the fiscal year, whether it is active or inactive, the default current processing month and whether the fiscal year has been opened, closed or reopened.


FIELDSOpt.Rec.Req.Description
Fiscal Year----♦The fiscal year you are viewing
Description--♦--A short description of the fiscal year
Active box------Determines whether the fiscal year is active or not (refer to the Best Practice statement at the top of this page in regards to inactivating a fiscal year)
Default Current Processing Month----♦Changing the month will change the default current processing month for the following modules:
  • Financial Management
  • Fixed Assets
  • Payroll
  • Various Revenue Modules


OPEN YEAR----♦Displays the following information:
  • Opened By – the source user who activated/opened the fiscal year
  • Opened Date – the date which the fiscal year was activated/opened
  • Opened Time – the time which the fiscal year was activated/opened


CLOSE YEAR------Displays the following information:
  • Closed By – the source user who inactivated/closed the fiscal year
  • Closed Date – the date which the fiscal year was inactivated/closed
  • Closed Time – the time which the fiscal year was inactivated/closed


REOPEN YEAR------Displays the following information:
  • Re-opened By – the source user who reactivated the fiscal year
  • Re-opened Date – the date which the fiscal year was reactivated
  • Re-opened Time – the time which the fiscal year was reactivated
Opt. = Optional  Rec. = Recommended  Req. = Required


Further Information


  • Always check the Financial Year Maintain Screen to make sure the fiscal year was activated/opened correctly. If there is no source user, date or time under the OPEN YEAR or REOPEN YEAR (if the year was previously closed) section, the fiscal year was not activated/opened correctly and no financial transactions will be able to occur for the fiscal year.