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Table of Contents

Summary

This article describes the Financial Period feature in EngageIP and how to configure and use Financial Periods.

Description

The financial period settings allows you to define and close periods for financial reporting. You can define the fiscal year, fiscal quarter and fiscal month which can then be used in reports using the filter options.

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Creating a Transaction with a Posting Date

Posting Rules

  1. You cannot post a transaction to a closed period

  2. You cannot delete multiple periods on the Financial Settings screen, you can only delete them one by one starting with the most recent

  3. You cannot open a previously closed period - the only way is to delete the period

  4. You cannot adjust the period end date - the end date will be automatically determined based on the next existing period configured

  5. Package Next Bill Dates cannot be updated to be within a closed period. If you need to back bill a package, the system now will not let you. You would need to add a manual transaction for the period and bill the package going forward with bill account on tools page or via regular bill run process. This is to prevent transactions from being generated in a closed period


The following applies to charges, payments and credits

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To view transactions within a period, you can review the financial reports on the Reports page. As an example you can see below that the report displays the values entered in your financial period settings according to the posting date of the transaction. The report can then be filtered by the fiscal year, fiscal quarter, or fiscal month (see the article Reports – Filtering and Sorting Techniques for information on how to filter data on reports).

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