Add New Fiscal Calendar

Use this window to select default properties settings for the General Ledger fiscal calendar. The Period labels are the only settings that can be changed once the General Ledger installation process has been completed.

Fields

Descriptions

Fiscal year

Upon opening this window for the first time, enter the four-digit year that will become your first fiscal year of the calendar (example: "12" would be entered to designate 2012 as your first calendar year), even if you do not have the General Ledger module installed on your computer. Spectrum allows for an unlimited fiscal calendar.

You should determine the current fiscal year before entering this information. If your fiscal year extends from January through December, the fiscal year is almost always the same as the calendar year. If your fiscal year does not match the calendar year, consult your accountant or recent federal tax filing documents to determine what fiscal year the company is currently operating in. After determining the current fiscal year, it is recommended the prior fiscal year be selected as the base year; this will allow you the flexibility to enter comparative financial information later.

Important: After initially setting the base year, this field should never be accessed again.

If your fiscal calendar has already been set up and you want to view an existing calendar in this window, simply select the year from the available drop-down list. Only years that are currently set up in the current company will be available for selection.

#

The period numbers display.

Period

If your fiscal calendar is January through December, the names of the months will default as you press Enter through these fields for the first time. If your fiscal calendar begins in a month other than January, you must type over the defaults. For example, if your fiscal calendar extends from 07/01 through 06/30, you should type JULY in period 1, AUGUST in period 2, and so forth.

If the General Ledger module is not installed on your computer, it is recommended that you use the default month names (January through December) for periods 1 to 12, but they may be reset, if desired.

Start date

Enter the first day of the first month of the four-year fiscal calendar. Dates are always entered in Spectrum with six digits and no other characters: January 1, 2008 is entered as "010108" and automatically displays as "01/01/08" when you press Enter. If the General Ledger module is not installed on your computer, entry in this field is irrelevant.

Example: If the fiscal year runs from January through December and the base year is 08, the first fiscal period start date should be 01/01/08; the 1st is the first day of the first month of 2008.

Care should be taken to designate the correct date for your fiscal calendar.

End date

Enter the last day of the first month of the fiscal calendar. Dates are always entered in Spectrum with six digits and no other characters: January 31, 2008 is entered as "013108" and automatically displays as "01/31/08" when you press Enter. If the General Ledger module is not installed on your computer, entry in this field is irrelevant.

Example 1: If the fiscal year runs from January through December and the base year is 08, the first fiscal period end date should be 12/31/08; the 31st is the last day of the last month of 2008.

Example 2: If the fiscal year runs from July through June and the base year is again 08, the first fiscal period end date could either be 6/30/08 or 6/30/09, depending on the company's fiscal calendar.

Care should be taken to designate the correct date for your fiscal calendar.