Journal period

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 sub-tab

Once inside the Journal period tab, you should see the following screen:

To navigate to the Journal periods, click on the calendar icon highlighted in the screenshot above. 

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.

When clicked, 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.

Create sub-journal periods within the yearly journal period

Once you have at least one Yearly Journal Period setup, you can now create sub-periods within that year. You can create as many as you want. The most common setup is to have 12 sub-periods per year, or 1 period per month. To create a sub-journal period, make sure to select the correct yearly journal from the list on the left side of the screen & then click on "create journal period" at the bottom right.

Once clicked, the same pop-up should appear as for the yearly journal period. Fill out the start-date of your sub-period and click on "Create". You have successfully created a new sub-period and it should be visible in the list under the associated yearly journal period.