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Accountants Enterprise with Practice Manager only

Each year you must add an accounting year and add and open up your accounting periods. You must add these before you can enter timesheets or raise bills for the new financial year.

About accounting year and accounting periods

Term	Description
Accounting year	Each year, you add a new financial year to your database. This allows you to enter transactions in the new financial year and to report on year to date and yearly data.
Accounting period	Within each financial year, you add the months that make up the year. This allows you to enter transactions in a month and to report on monthly data.
Time periods	These are the days in each month. The accounting period is opened up with these days to enable timesheet entry and billing on a daily basis.

You can add your new accounting year and periods before the start of the new financial year.

Setting up your financial year

There are 3 mandatory steps to set up your new financial year:

Step 1—To add a new accounting year

In AE, from the menu bar, select Maintenance > Time Setup > Processing Time Setup. The Processing Time Setup page appears.
In the Tasks bar, click Add/Edit Accounting Year. The Add/Edit Accounting Year window appears.
Click in the new record row and enter a Description, the Start date of the new financial year, and the End date. When finished, press the Tab on your keybooard.
Click OK to save the changes. The Add/Edit Accounting Year window closes.

The new year is now available in the Accounting Year drop-down on the Processing Time Setup page. You can now set up new accounting periods.

Step 2—To add a new accounting period

In AE, from the menu bar, select Maintenance > Time Setup > Processing Time Setup. The Processing Time Setup page opens.
Select the relevant Accounting Year from the drop-down menu.
In the Tasks bar, click Add Accounting Periods. The Add Accounting Periods window appears.
Deselect all Time Processing Categories and click OK. The months will populate displaying the start and end dates for each month of the year.

Don't select any of the Time Processing Categories (e.g. Daily or 1 Week). We recommend you set up each time processing period on a month by month basis. This will stop input of timesheets to future periods. It also ensures your month-end practice reports are correct.

You can now set up time processing periods for the next month.

Step 3—To set up time processing periods

There are 2 options to add the time processing periods:

Option	What it does	Reason
1	Opens up one month at a time	Recommended as it prevents entry of timesheets and bills in future months in error. Makes it easier to reconcile monthly reports.
2	Opens up the entire financial year in advance	Not recommended as you run the risk of employees creating timesheets and bills in the wrong month. Makes the reconciliation of reports more difficult. More entries necessary to fix the mistakes in the wrong month and then re-enter data in the correct month. You'd also rerun reports.

Adding your time periods (days)

Option 1—To add time processing periods one month at a time (recommended)

It's best practice to set up Time Processing Periods for each month as the prior month is ending. For example, on the last week of June, you can set up the Time Processing periods for July.

These instructions use the example of adding Daily time processing periods for the month of July.

In AE, from the menu bar, select Maintenance > Time Setup > Processing Time Setup. The Processing Time Setup page appears.
Click the expand [+] symbol for July. The Time Processing Category appears for July.
Click in the blank record row (A).
From the drop-down list (B), select Daily (C).
Click Add (D). The Time Processing Category of Daily appears for July.
Click the expand [+] symbol for Daily. A time processing period appears for every day in July.
Click OK.

Option 2—To set up time processing periods for the entire year

These instructions add time processing periods for the entire year

In AE, from the menu bar, select Maintenance > Time Setup > Processing Time Setup. The Processing Time Setup page appears.
Select the relevant Accounting Year, then click Add Accounting Periods. The Add Accounting Period screen appears.
Select the required Time Processing Category eg Daily, Weekly, and click OK. The prompt Are you sure you want to add these time processing categories to every accounting period created? appears.
Click Yes. The months will populate displaying the start and end dates for each month of the year.
Click OK.