Overview
The Financial Periods screen provides a central location for reviewing and managing financial periods. From this screen, users can review financial activity by period, compare 1place and QuickBooks values, identify differences, create journal entries, and manage the status of financial periods.
The Financial Periods screen is organized into:
- Financial Year Selection - Allows users to select the financial year to display.
- Financial Periods - Lists the individual monthly accounting periods and their current status.
- Financial Comparison - Displays financial information for 1place, QuickBooks, and the calculated Difference between the two.
- Footer Actions - Provides options to recalculate financial periods, create journal entries, close periods, re-open periods, and access help.
Help Topics
Overview of the Financial Periods Screen
Reviewing Financial Periods
- How to Select a Financial Year
- How to Review Financial Period Information
- How to Review 1place and QuickBooks Differences
Managing Financial Periods
- How to Recalculate Financial Periods
- How to Create Journal Entries for Financial Periods
- How to Close Financial Periods
- How to Re-Open Financial Periods
Overview of the Financial Periods Screen
The Financial Periods screen is used to review financial activity for each accounting period and manage the status of those periods.
Navigation:
AR > Financial Periods
Financial Year Selection
The Financial Periods field at the top of the screen allows you to select the financial year to display.
Use the « and » buttons to navigate between financial years.
Financial Periods
Each month is displayed as a separate financial period.
The Period Status indicates whether the period is currently available for accounting activity.
Common statuses include:
- OPEN - The financial period is open.
- CLOSED - The financial period has been closed.
Each period can be selected using the checkbox on the left side of the row.
Financial Comparison
Each financial period contains three rows:
- 1place - Financial information recorded or calculated by 1place.
- QuickBooks - Corresponding financial information from QuickBooks.
- Difference - The difference between the 1place and QuickBooks values.
The screen provides the following financial information:
| Column | Description |
|---|---|
| # Invoices / CMs | Number of invoices and credit memos for the period. |
| $ Sales / CMs | Sales and credit memo amounts for the period. |
| $ COGS | Cost of goods sold for the period. |
| # Sales Receipts | Number of sales receipts for the period. |
| $ Sales Receipts | Sales receipt amounts for the period. |
| $ AR | Accounts Receivable amount for the period. |
| $ INVENTORY | Inventory amount for the period. |
| Last Journal Entry Date | Date of the most recent journal entry associated with the period. |
The Difference row can be used to identify discrepancies between the 1place and QuickBooks values.
Reviewing Financial Periods
How to Select a Financial Year
- Open AR > Financial Periods.
- Enter the desired year in the Financial Periods field.
- Use the « and » buttons to navigate to the required year if needed.
- Review the financial periods displayed for the selected year.
How to Review Financial Period Information
- Open AR > Financial Periods.
- Select the required financial year.
- Locate the financial period you want to review.
- Review the Period Status.
- Review the 1place, QuickBooks, and Difference rows.
- Compare the financial values for the period.
The available financial information includes:
- # Invoices / CMs
- $ Sales / CMs
- $ COGS
- # Sales Receipts
- $ Sales Receipts
- $ AR
- $ INVENTORY
- Last Journal Entry Date
How to Review 1place and QuickBooks Differences
The Difference row provides a comparison between the financial information in 1place and QuickBooks.
- Locate the financial period you want to review.
- Compare the 1place row with the QuickBooks row.
- Review the corresponding Difference row.
- Identify any differences in transaction counts or financial amounts.
- Investigate and resolve discrepancies as required before finalizing the financial period.
Managing Financial Periods
How to Recalculate Financial Periods
Use Recalculate Selected Financial Period(s) to recalculate the financial information for selected periods.
- Select the financial period(s) using the checkbox.
- Click Recalculate Selected Financial Period(s).
- Review the updated financial information.
How to Create Journal Entries for Financial Periods
The Make Journal Entry(s) for Selected action creates journal entries for the selected financial period(s).
- Select the financial period(s) using the checkbox.
- Review the financial information for the selected period(s).
- Click Make Journal Entry(s) for Selected.
- Review the resulting journal entry information.
How to Close Financial Periods
The Close Selected Period(s) action changes the status of the selected financial period(s) to closed.
- Select the financial period(s) using the checkbox.
- Review the financial information and Difference values.
- Click Close Selected Period(s).
- Verify that the period status has changed to CLOSED.
How to Re-Open Financial Periods
Use Re-Open Selected Period(s) when a previously closed financial period needs to be opened again.
- Select the closed financial period(s).
- Click Re-Open Selected Period(s).
- Verify that the period status has changed to OPEN.
Footer Actions
The Financial Periods screen provides the following actions:
- Recalculate Selected Financial Period(s) - Recalculates the selected financial periods.
- Make Journal Entry(s) for Selected - Creates journal entries for the selected financial periods.
- Close Selected Period(s) - Closes the selected financial periods.
- Re-Open Selected Period(s) - Reopens selected closed financial periods.
- Help - Opens help information.
- Close - Closes the Financial Periods screen.
