Create or Setup Accounting Period in BC D365:
(1) Introduction: The accounting Period in BC D365 defines the company Fiscal Year. It is created for reporting and financial analysis in BC D365.
(2) Usage: It is used when we want to close an income statement or ending the fiscal year and run a data compression utility. It is also mandatory when we configure account schedules for balance sheets, trial balances etc.
(3) Thinks to Remember: When the accounting period is closed, means books are closed for that fiscal year that you have defined in the accounting period setup. For closing the period, check or mark the “Date Locked” and “Closed” fields. Microsoft gives the privilege to post the entries after the closing of the Accounting Period.
(4) Let’s take an overview of the Accounting Period, as shown.
(5) Accounting Period Page open and select option “Create Year” which is available in the “Process” Tab as shown.
(6) After pressing the “Create Year” button, the pop up is open and enter the values (in my case I am creating fiscal year 21-22 means 01-04-2021 to 31-03-2022) and then press the “Ok” button, as shown.
(7) After doing the above steps, the accounting period of the defined fiscal period is created as shown.