The Fiscal Month Tab is used to set the company's current fiscal month, closed fiscal months for Accounts Receivable, Accounts Payable, and General Ledger, and other options.
Important: If the current fiscal month of your company is different then the month displayed in the Current Fiscal Month field, you must set the correct fiscal month before entering any accounting transactions. You will are required to read the Fiscal Month Statement and click the I have read and understand the above statement. button before changing the Current Fiscal Month.
If you need to change your fiscal year after accounting transactions have been entered, it is highly recommended that you contact Design Manager Technical Support for assistance. Further, as stated previously, you should confer with your accounting professional before making any changes to the current fiscal month!
The Last Closed Fiscal Month allows you to set the fiscal month prior to which no accounting functions will be allowed to be posted. In other words, setting the Last Closed Fiscal Month to "01/2007" will prevent any transactions to be posted prior to fiscal 01/2007. The Last Closed Fiscal Month can be set independently for Accounts Receivable (Cash Receipts, Client Invoices, Invoice Adjustments, etc.), Accounts Payable (Vendor Deposits, Invoices, Payroll, Printing Checks, etc.), and General Ledger (Journal Entries) activity. Important: the Last Closed Fiscal Month settings must be updated manually when the fiscal month has been successfully reconciled and no further accounting activity should be recorded for the fiscal month.
The Allow Posting Prior to the Calendar Date of the Last Cash Reconciliation option determines whether or not to allow a transaction to be posted to a Cash Account dated prior to when the Cash Account was last reconciled. This option is used to protect the balance of the Cash Account(s) from being changed retroactively after the Account has already been successfully reconciled to the Bank Statement. For more information on reconciling Cash Accounts, see the Checking Window - Reconcile Cash Tab.
The Allow Unclearing of Checkbook/Credit Card Entries option determines if users can set Checkbook entries, such as Cash Receipts and Checks, and Credit Card entries, such as Purchases paid with the Credit Card, as not cleared after the entries have been successfully reconciled to the Bank or Credit Card Statement, respectively. Leave this option unselected to prevent users from inadvertently affecting past Checkbook and Credit Card reconciliations.
The Default Fiscal Month to 1 Plus the Closed Month and Default Fiscal Month to Corresponding Calendar Month determine how the fiscal month will initially be set when users are posting accounting transactions. Design Manager is initially configured to use the Corresponding Calendar Month setting which defaults the fiscal month to appropriate setting for the current month. For instance, if the current month is March of 2007, the fiscal month would default to "03/2007". If the 1 Plus the Closed Month setting is selected, Design Manager will default the fiscal month to one fiscal month after the current setting in the appropriate Last Closed Fiscal Month from above. For example, if the Last Closed Fiscal Month for Accounts Receivable is "03/2007", when the user goes to enter Cash Receipts, the fiscal month will default to "04/2007".