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Accounting Periods

Updated

The Accounting Periods feature in BQE CORE allows companies to structure and manage fiscal years and accounting periods with greater precision and control. This feature simplifies month-end and year-end closing by enabling automatic period handling and ensuring transactions are controlled based on their Accounting Date, allowing edits or postings only when the Accounting Date falls within an open period. It is designed to support various fiscal formats and reduce manual accounting tasks.

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Note: This feature is off by default and can be enabled as per the company requirements.

Field Descriptions

How To

Enable/Disable Accounting Periods

Add Fiscal Year

Close Fiscal Year

Mark Screen as Favorite

Field Descriptions

Field Name Field Description
Settings > Accounting > Accounting Periods
Period Displays the name of each accounting period based on the selected fiscal year and period. For example, if the first fiscal month is January and the fiscal year is 2026, the period may appear as JAN FY26.
Start Displays the beginning date of the accounting period. All transactions with accounting dates on or after this date fall within this period.
End Indicates the final date of the accounting period. Transactions with accounting dates beyond this date will fall into the next open period.
Status

Displays the status of the period:

  • Open: Transactions can be posted.
  • Locked: Posting is restricted for one or more modules (Billing or Payables).
  • Closed: The period is finalized and no further edits or postings are allowed.
Populate Historical Fiscal Years Generates fiscal years for historical accounting data that exists prior to the first configured fiscal year. CORE creates fiscal years back to the company’s Go Live Date and marks them as Closed by default. Fiscal years created for data prior to the Go Live Date are labeled as Migrated and remain closed.
Accounting Periods > Accounting Period Set Up
Year Represents the fiscal year to which the accounting period belongs. The year is determined based on the end date of the last accounting period in the fiscal cycle and follows the periodicity settings defined by the company.
Period Format

Allows you to select the structure of the accounting periods for the fiscal year. 

  • Calendar month – 12 periods per year: This is the default format where each period represents a calendar month. The first period starts on the 1st of the selected starting month and ends on the last day of the month.
  • 4-week period – 13 periods per year: Divides the year into 13 equal 4-week periods. This is commonly used for consistent weekly reporting cycles.
Range

Determines how the start date of the fiscal year is defined. You can choose:

  • Starting Month: Sets the fiscal year to begin on the 1st of the selected month. This is ideal for companies that follow calendar months or a consistent monthly cycle.
  • Custom: Allows you to specify unique start and end dates for each accounting period. This is useful for companies that follow non-standard or irregular accounting cycles.
Month Refers to the fiscal month associated with the accounting period. In calendar-based periods, this matches the actual calendar month. In 4-week periods, it is based on the period end date.

 

Enable/Disable Accounting Periods

You can enable or disable the Accounting Periods feature from the Settings screen in BQE CORE. This option is available only to users who have permission to access Settings > Accounting.`

To enable Accounting Periods, watch this video or follow these steps:

  1. Open the Accounting Periods screen from the side menu > Settings > Accounting.
  2. In the list view, click on the top right. Select Enable Accounting Periods from the menu.

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  3. Enabling Accounting Periods automatically saves your preference and disables the standard Closing Date field under Settings > Company > Information. When enabled, the closing of books is managed using the Accounting Periods screen through period and fiscal year status changes, such as Lock and Close.

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To disable accounting periods in the list view, click on the top-right. Select Disable Accounting Periods from the menu. Alternatively, you can turn off the Use Accounting Periods toggle under Settings > Company > Information.

Add Fiscal Year

In CORE, fiscal years define the boundaries for accounting periods, forming the foundation for accurate financial reporting, compliance, and automation. Before you can post transactions, close books, or generate financial reports using accounting periods, you must first set up at least one fiscal year.

Each fiscal year is broken into accounting periods, typically monthly, though CORE supports various formats to match your company's financial cycle. Setting this up properly ensures that all revenue, expense, and adjustment transactions are posted within the correct time frame, especially when using accounting features like Revenue Recognition.

To add a fiscal year, watch this video or follow these steps:

  1. Open the Accounting Periods screen from the side menu > Settings > Accounting.
  2. Click + Add Fiscal Year on the top-right.

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  3. In the Accounting Period Setup dialog, enter the following details. Check Field Descriptions above for details.

    • Year
    • Period Format
    • Range
    • Month

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  4. Next, click Set Up Accounting Periods to generate the periods. You can click Maybe Later if you prefer to define the periods at a later time.

    Note: When adding a fiscal year with custom date range, the End Date year must match the selected fiscal year.

When Accounting Periods are enabled and the first Fiscal Year is created, CORE automatically generates historical fiscal years back to the company’s Go Live Date using the selected fiscal year format. These historical fiscal years are created as Closed by default.

CORE also creates Migrated Fiscal Years for periods prior to the Go Live Date based on the earliest accounting data in CORE. Migrated fiscal years remain closed and cannot be opened.

For companies that previously enabled Accounting Periods and already created a fiscal year, administrators can generate these historical fiscal years manually from Accounting Periods > > Populate Historical Fiscal Years.

Close Fiscal Year

CORE allows you to close a fiscal year after all the accounting periods within it are closed. This prevents further changes to your financial data for that year and ensures accurate historical reporting and audit integrity.

To close a fiscal year, watch this video or follow these steps:

  1. Open the Accounting Periods screen from the side menu > Settings > Accounting.
  2. In the list view, select the fiscal year you want to close. 

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  3. Click and click Close to close the fiscal year. Alternately, you can close the fiscal year from the Detail View of the selected fiscal year by turning off the Open/Close toggle on the top-right. 

  4. Next in the confirmation dialog, check Close [Fiscal Year], and click Done. You can only close a fiscal year after all its periods are marked as closed.

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Note: Before closing a fiscal year, make sure all journal entries, invoices, payments, and adjustments are finalized. The final accounting period must be closed before you can close the fiscal year.

Mark Screen as Favorite

You can mark or flag the most-often used and important screens in CORE as your favorites up to a maximum of ten. These favorite screens then display separately on the side menu under the Favorites list. You can manage all your favorite screens in CORE from User Settings.

To mark this screen as your favorite, watch this video or follow these steps:

  1. Open the Accounting Periods screen from the side menu > Settings > Accounting.

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  2. In the list view, click on the top-right.
  3. You can access this screen from the side menu under Favorites.

You can also check the detailed video on marking screens as favorite in CORE.

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