MANAGE FISCAL YEARS

Use this screen to set up your fiscal years when you implement Costpoint. After you fully initialize Costpoint, use this screen to enter new fiscal years and to open, close, or re-open previous fiscal years.

Set up a fiscal year here before you enter any accounting periods, subperiods, or any transactions.

See Closing the Fiscal Year for related information.

Location

Fiscal Year

Enter a code to indicate the fiscal year. Usually, this is the calendar year in which the last accounting period ends, but this need not always be the case. Other possible codes might be 2010A, 2011B, and so on, which may be required when short years are used during a fiscal year transition. Enter the fiscal years in the table in their correct sequence, from the earliest to the latest (see note below).

It is important to set up your fiscal year numbering structure so that it works properly with the table. In an alphanumeric field such as this one, numbers come first sequentially, followed by letters. Each position of the field is evaluated separately, left to right. If you were to use non-descriptive fiscal year codes, such as "1" through "20," the correct input sequence would be 1, 10, 11, 12...19, 2, 20, 3, and so on, which would not match your intended numbering sequence.

Similarly, mixing alphabetic and numeric leading characters can lead to problems. An A2009 fiscal year of  would sequentially follow a 2009B fiscal year, which again does not match the intended numbering scheme. Nor does using A2009, B2009, A20100, and B2010, because the table order for these would be A2009, A2010, B2009, B2010. However, fiscal years of 2009A, 2009B, 2010A, and 2010B would be fine.

Description

Enter a description for the fiscal year. Usually, this is the same as the fiscal year code. The description is useful, especially in situations where short or long years are required. You can even enter the starting and ending dates here for informational purposes.

Status

Use this drop-down list to select the status of the fiscal year. Valid options are:

You cannot enter data for a closed fiscal year.

Closing Rate Type

Leave None in this field for open years. When you generate project reports, Target Rates or Actual Rates is displayed on the report for informational purposes.

In the fiscal year closing process, the rate type chosen for carrying forward project indirect burden is stored in this field. Valid rate types are Target Rates and Actual Rates. Indirect rates for target and actual are stored for each fiscal year in project history. Indirect burden amounts are stored by project. Although you can change the value in Closing Rate Type, the amounts stored by project are not automatically changed.

Do not change the value of this field unless you also changed the amounts.

If you entered project history data for closed fiscal years, select Target Rates or Actual Rates for the type of indirect burden that was loaded in the Projects folder for each closed fiscal year.