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.
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, click on the yearly journal period for which you want to create a sub-period and the 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.
Please note : In order to close a sub-journal period, you need to create a new one with the start date 1 day after you wish the previous sub-journal period to end. This will automatically place the end of the previous sub-journal period one day before the start date of the new sub-journal period. Once an end date has been set for a sub-journal period, it is not possible to remove that sub-journal period anymore.
Example : You wish to create a Journal period from 01/03/2025 to 31/03/2025. You will create a new Journal Period with a start date of 01/03/2025. In order to close this Journal Period, you will need to create a new Journal Period starting on 01/04/2025 which will automatically place the end date of the previous Journal Period on 31/03/2025.