Fiscal Period

Fiscal Period Enhancement

Dynamics SL users are accustomed to using a Period to Post field, whereas in Business Central D365, a posting date range is used to determine whether data entry can continue for a specific date range. The SL Overlay Fiscal Period enhancement adds a Current Period field in the Role Center Notifications, Accounting Periods and in data entry pages. This assists users with the transition to using fiscal date ranges by adding the display of a Dynamics SL period formatted as MM-YYYY to the Accounting Periods, the Role Center, and data entry pages). Data entry pages that include the Current Period field include:

  • Recurring General Journal
  • General Journals
  • Payment Journals
  • Sales Journals
  • Purchase Journals
  • Sales Invoice
  • Purchase Invoice
Note

In the Accounting Periods page, the Period field displays a Dynamics SL formatted fiscal period for the date in the format of MM-YYYY.

Enable Fiscal Period Feature in SL Overlay Setup

Note

This feature is disabled by default but can be enabled in the SL Overlay Setup page > Use Fiscal Period Feature. The option is set up by company.

Select to specify whether the Fiscal Period feature will be used.

The Fiscal Period feature assists with the transition to using a date range as periods instead of MM-YYYY (month & year) by adding the display of a SL formatted period to various pages (Accounting Periods, data entry pages, role center Headlines). The feature also adds new fields to the Accounting Periods screen called Fiscal Period and Period Closed.

The Period Closed field may be closed by running the Close Period process from the ribbon on the Accounting Period page. Close Period is used to close a period within a fiscal year. This field is different from the standard Closed field (renamed in the SL Overlay to Year Closed) which is set when the year-end close process is run. When the Period Close process is run, it sets the period to closed, and advances the General Ledger Setup > Allow Posting From date to the first day of the next period.

Important

if the Allow Posting From date in General Ledger Setup is blank, the close period process will not update the field, but will leave it blank.

This prevents users from posting entries in the closed period. These dates can be overridden, if needed, by a user who has a role with sufficient permissions to edit the General Ledger Setup page.

  1. When the Use Fiscal Period Feature option is enabled in the SL Overlay Setup page:

    • Accounting Periods page:

      • Fiscal Period field displays the current fiscal period in MM-YYYY format.

      • Period Closed and checkbox is displayed. If the checkbox is selected, it means the period is closed.

        • To close a period, first select Process from the ribbon, then select Close Period.

        • Select Yes to the message This function closes the Current Period: xx/xx/xxxx - xx/xx/xxxx. Once the current fiscal period is closed, it cannot be opened again. Do you want to close the fiscal period?

          • If you select "Yes", the system closes the period. This action also updates the General Ledger Setup Allow Posting From date to the first day of the new period.

      • The Closed field is renamed to Year Closed. If selected, this indicates that the year for that date range is closed.

    • Role Center page: Current fiscal period information is displayed on the Role Center - Notifications for the following Business Central roles:

      • Accountant
      • Account Manager
      • Accounts Payable Coordinator
      • Accounts Receivable Administrator
      • Bookkeeper

    • Data entry pages: current fiscal period information is displayed. Data entry pages include:

      • Recurring General Journal
      • General Journals
      • Payment Journals
      • Sales Journals
      • Purchase Journals
      • Sales Invoice
      • Purchase Invoice

  2. When the Use Fiscal Period Feature is disabled in the SL Overlay Setup page Accounting Periods page:

    • Close Period option is not displayed and current period information is not displayed.

    • Role Center: No current fiscal period information is displayed.

    • Data Entry pages: No current fiscal period information is displayed.