You can define your own period types to use in addition to the General Ledger standard period types Month, Quarter and Year. You use these period types when you define the accounting calendar for your organization.
Each ledger has an associated period type. When you assign a calendar to a ledger using Accounting Setup Manager, the ledger only accesses the periods with the appropriate period type. Thus, you can define an accounting calendar with periods of more than one period type; however, each ledger will only use periods of a single period type.
Note: If you close your balance sheet using the Create Balance Sheet Closing Journals program, define enough accounting periods for your period type to allow for two adjusting periods. See: Year End Closing Journals.
Warning: Do not change the number of accounting periods per year for a period type. Doing so will cause data corruption.
Navigate to the Period Types window.
Enter a unique Name for your accounting period type.
Enter the number of accounting Periods per Year. For example, you could define a Week period type and specify 52 periods per year. You can assign up to 366 accounting periods per fiscal year for any period type, and maintain actual balances for those periods. However, for budgets you can only use the first 60 periods.
Enter the Year Type to specify whether the period is part of a fiscal or calendar year. General Ledger uses the year type to assign a year in the accounting period system name when you set up your calendar.
Choose Calendar to use the year in which an accounting period begins for the system name.
Choose Fiscal to use the year in which your fiscal year ends for the system name.
For example, assume your fiscal year spans from July 1 to June 30 and the current date is July 15, 2005. If you choose the Calendar year type, General Ledger appends the year 2005 to the period name (JUL-05) because July begins in 2005. If you choose the Fiscal year type, General Ledger appends 2006 to the period name (JUL-06) because the fiscal year ends in 2006.
Using the same July to June fiscal year example, if the current date is March 15, 2005 and you choose the Fiscal year type, General Ledger appends the year 2005 to the period name because the fiscal year ends in 2005.
(Optional) Enter a Description for the period type.
Save your work.