In Processing Time Setup, each year, you Adding new accounting years and accounting periods. This lets you enter timesheets and bills within the current financial year and specific months. The dates established here also control the date ranges you can select in reports.
Use Processing Time Setup to:
- Closing and reopening accounting periods (months). This stops changes to posted entries in prior months.
- Closing and reopening accounting periods to correct any invoice allocation issues in previous months.
- Lock off timesheets and other entry types mid month via Closing and reopening accounting periods. This stops changes to posted entries in prior weeks within the current month.
- Editing and deleting accounting years and periods if they're incorrect. This applies if your dates don't start on the 1st day on the month/year or end of the last day of the month/year.
Accounting years (financial years)
At the end of the financial year, Adding new accounting years and accounting periods. This allows your employees to enter timesheets and bills for example, for the next 12 months. You also add accounting periods to enable monthly input and reports.
Accounting periods (months)
Accounting periods are the months within an accounting (financial) year.
Opening the time period allows employees to enter timesheets in that month. Closing an accounting period locks timesheets and other transaction types within that month.
Time periods (days)
Time periods are the dates that are available within a month. This allows you to enter timesheets for example for a specific date in a month.