Creating Fiscal Years
A Fiscal Year is a defined period of time that is used for calculating annual finances. TeamConnect Financial Management allows you to define your fiscal years individually, including support for 52/53 week fiscal years.
Important: You must know the earliest fiscal year you plan to ever budget against, and create it first. TeamConnect Financial Management rules will prevent you from creating fiscal years that precede existing active fiscal years that have items posted against them.
Important: It must be emphasized that care should be taken to ensure that fiscal years are created accurately. Editing fiscal years can become complicated when multiple fiscal years exist, or when budgets and accounts have been created. See Editing Fiscal Years for more information.
Important: If you have upgraded from an older version of TeamConnect Legal Matter Management to TeamConnect Financial Management, you must create fiscal years that match your old existing fiscal years if you want to import your old existing account records using Account Conversion Tool.
1.Select the Admin tab. 2.Click the Budget Settings link under the tab bar. 3.Click the Fiscal Years link in the left pane. 4.Click the New button. 5.Enter the following required fields: oFiscal Year Name oYear oFY Start 6.After selecting the FY Start date, more fields will appear on the page, automatically populated based on the selected FY Start date. Adjust these fields as necessary. Every field on the page is required. See Fiscal Year Settings - General Page Field Descriptions for more information. 7.Select a save option. |
When creating a fiscal year, the end date is automatically set depending on the chosen start date. If the start date is set to the first day of any calendar month, the end date will be automatically set to one year from the start date, minus one day.
If the start date is set to any other day other than the first day of any calendar month, the end date will be automatically set to 52 weeks, or 364 days, after the chosen start date. This allows the subsequent fiscal year to start on the same day of the week as the previous fiscal year. Since a 52-week fiscal year is shorter than a calendar year, a 53-week fiscal year is required approximately every five years to "catch up." These 53-week fiscal years must be adjusted manually during the fiscal year creation process.
Important: The fiscal year will fail to save if any of the months or quarters have overlapping dates, or if there are any gaps between any of the months or quarters. Additionally, if any other fiscal years exist, the new fiscal year will also fail to save if there is any overlap or gaps between existing fiscal years and the new fiscal year.
Editing Fiscal Years
Existing fiscal years can be adjusted, with some caveats. There are two cases in which you will be unable to edit your fiscal year, each accompanied with an error message when you attempt to edit the fiscal year.
"This fiscal year is not editable because another fiscal year exists after it. Please see the documentation for instructions on how to proceed."—This error message appears if there are fiscal years that follow the fiscal year you are trying to edit. A fiscal year cannot be extended if another fiscal year follows it. To edit the fiscal year, you would first have to delete all following fiscal years, then adjust your intended fiscal year. The deleted fiscal years could then be recreated.
"This fiscal year is in use. Please see the documentation for instructions on how to proceed."—This error message appears if any budgets or accounts exist on the fiscal year you are trying to edit. In this case, please contact Mitratech Services to make adjustments to your fiscal year.
1.Select the Admin tab. 2.Click the Budget Settings link under the tab bar. 3.Click the Fiscal Years link in the left pane. 4.Click the fiscal year you want to edit. 5.Click the Edit button. 6.Adjust the fiscal year dates, periods, and months as needed. See Fiscal Year Settings - General Page Field Descriptions for more information. 7.Select a save option. |
Field Names and Descriptions
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Default Value
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*Fiscal Year Name
The name of the Fiscal Year. This field is user-defined and can be set to whatever value you want.
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Fiscal Year Name—Blank
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*Year
The calendar year of the Fiscal Year.
This field is automatically populated based on digits entered in the Fiscal Year Name field. For example, if you enter the Fiscal Year Name as FY14, the Year field will be automatically populated with 2014. You can edit the Year field if the automatically populated year is not correct.
This field must contain a numeric value.
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Year—Blank
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*FY Start
The start date of the Fiscal Year.
Selecting this field will cause all the following fields listed in this table to appear on the page. They are automatically populated with information based on the starting date you choose.
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FY Start—Blank
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*FY End
The end date of the Fiscal Year.
If the FY Start date is set to the first day of a calendar month, the FY End date will be automatically set to one year from the FY Start date, minus one day. (For example, if the FY Start date is set to 3/1/2014, the FY End date will be automatically set to 2/28/2015.)
If the FY Start date is set to any day that is not the first day of a calendar month, the FY End date will be automatically set to 52 weeks from the FY Start date, minus one day. (For example, if the FY Start date is set to 3/2/2014, the FY End date will be automatically set to 2/28/2015.)
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FY End—Based on FY Start field
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Q# Start
The start date of the quarter. There are four fields, for Q1, Q2, Q3, and Q4.
The Q1 Start field must match the FY Start field, and is automatically populated to match the FY Start field.
After selecting the FY Start date, each subsequent quarter's start date is automatically populated with the date 13 weeks and one day following the previous quarter's start date.
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Q# Start—Based on FY Start field
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Q# End
The end date of the quarter. There are four fields, for Q1, Q2, Q3, and Q4.
After selecting the FY Start date, each quarter's end date is automatically populated with the date 13 weeks following the corresponding quarter's start date.
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Q# End—Based on FY Start field
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Month # Name
The name of the month. There are 12 fields, for the 12 months of the calendar year.
These fields are automatically populated with the matching names of the calendar month that contains the starting date for the fiscal month.
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Month # Name—Based on FY Start field
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Month # Start
The start date of the month. There are 12 fields, for the 12 months of the calendar year.
The Month 1 Start field must match the FY Start field, and is automatically populated to match the FY Start field.
After selecting the FY Start date, each subsequent month's start date is automatically populated with the date four weeks and one day, or five weeks and one day following the previous month's start date. The pattern for month length is 4-4-5, meaning that the first and second months of each quarter are four weeks long, while the third and last month of each quarter is five weeks long.
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Month # Start—Based on FY Start field
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Month # End
The end date of the month. There are 12 fields, for the 12 months of the calendar year.
After selecting the FY Start date, each month's end date is automatically populated with the date four weeks or five weeks following the corresponding month's start date. The pattern for month length is 4-4-5, meaning that the first and second months of each quarter are four weeks long, while the third and last month of each quarter is five weeks long.
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Month # End—Based on FY Start field
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