Introduction
A Journal Period refers to the opening and closing of accounts. Journal periods are the opening and closing accounting periods. Usually a periodical reconciliation will be performed at the end of the month at a specific cut-off date with the aim to compare different periods with each other or equal periods over several book years. Therefore a book year or accounting period is divided in equal time portions over a period of 12 months, or even more, depending on your definition of an accounting period. Any journal entry record created in Newyse will be created with a reference to journal period and number based on the configuration in the Newyse Journal Period module.
Journal periods are used to capture journal entries within a predefined period, which is in turn required by bookkeeping system MS Exact to process the journal entries correctly. Other bookkeeping systems may not use these journal periods, but it is a necessity to configure in Newyse.
Configuration
In order to configure your journal periods, follow the path below :
Maxxton Home Page > Finance Manager > Configuration tab > Journal period
Once inside the Journal period tab, you should see the following screen
Yearly Journal Period
If you wish to create a new journal period for a new year click on the "create journal period" button at the top left of the screen. A pop-up will appear. If you already have yearly journal periods configured, the system will automatically pick up the next year for your new yearly journal period
Select a start date for your yearly journal period and click on "Create".
You should now see yearly journal period in the list.
Please note that setting a start date to your yearly journal period automatically places the end date for your previous yearly journal period 1 day before the start of the new one.
Example : If the start date of my yearly journ