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Tip
titleAdditional Resources

Here is a link to a brief tutorial on Accounting Periods.

You can watch this webinar Bridging the Gap between Delivery and Finance Teams [Go to 28:30] to watch a quick demonstration on how accounting periods work.

In the Best Practices: Year End Projector Tasks webinar (25:55) we explain updating Accounting Periods at year end.

The accounting periods editor is reached by going to Administration tab | Job Accounting subsection | Accounting Periods.

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Permissions and Settings

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Projector recommends that you set up a process for handling the open/close of accounting periods. Typically we will see an organization set up their accounting periods ahead of time. For example, creating their next twelve months of accounting periods for the fiscal year. The finance manager then keeps careful track of these periods, keeping them in sync with their accounting package. 

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Edit an existing time period by clicking on the ellipsis for that row and choosing a new end date. Add new time periods by clicking on the last ellipsis for Future. Then tick or untick the checkboxes as appropriate. If your organization has multiple companies, then you can turn Periods on/off for individual companies. Just click the + icon to show additional details.

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SettingDescription
Begin/End Date
NameGive the period a nice name. Although typically you will be using the code.
Code

These codes are typically by month or week. We sometimes see alternating 4/5 week schedules. Generally, it's the smallest accounting bucket that you track.

Enter an alpha-numeric code to describe the accounting period. We recommend choosing something that sorts nicely during audits. Some other options might be:

  • Monthly - 2014-02
  • Bi-Monthly - 2014-05-BW2
  • Weekly - 2014-02-W1
Tip
titleAlphabetical Numbers!

It's best to choose a naming convention that sorts "alphabetically" even for numbers. For example, use leading zeroes for double digit numbers. If you do not, reporting tools like Excel won't sort properly. For example, 2012-11 will be placed before 2012-2 and we all know November comes after February!


Fiscal Qtr CodeMake sure your codes sort "alphabetically"
Fiscal Yr CodeMake sure your codes sort "alphabetically"
TimeCan time cards be submitted for this date range?
CostCan expenses be submitted for this date range? This includes expense reports, vendor invoices, and soft costs.
AdjmtCan time/expense amounts be adjusted via Pre-Invoicing Adjustments or Invoice Time Adjustments or Invoice Cost Adjustments
GL TransGroup GL transactions together. The accounting period is determined by the time card's work date or the cost card's incurred date.
AR TransAR transactions are generated when you issue an invoice. The accounting period is determined by the invoice's Issue Date as defined on the Invoice Editor MP - Invoice Tab.
AP TransAP transactions are generated when you approve an expense. The accounting period is determined by the payment voucher's Issue Date.

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