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

Journal periods are configured once in the system and are therefore applicable for all AOs. They are recorded per transaction and available in the different Maxxton reports (RD, FTR, JR).

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.