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In Processing Time Setup, each year, you set up accounting years and accounting and time periods. This lets you enter timesheets and bills within the current financial year and specific months. The dates established here also control the date ranges you can select in reports.

Use Processing Time Setup to:

Accounting years (financial years)

At the end of the financial year, add a new accounting year. This allows your employees to enter timesheets and bills for example, for the next 12 months. You also add accounting periods to enable monthly input and reports.

Accounting periods (months)

Accounting periods are the months within an accounting (financial) year.

Opening the time period allows employees to enter timesheets in that month. Closing an accounting period locks timesheets and other transaction types within that month.

Time periods (days)

Time periods are the dates that are available within a month. This allows you to enter timesheets for example for a specific date in a month.