Periods overview

You can use the Periods tab to edit existing period information and/or create a new fiscal year with specified periods for your clients or contacts, as needed.

For firm periods, choose Setup > Firm Settings > Periods tab.

For contact periods, choose Setup > All Contacts, click Edit Edit next to the contact that you want to modify, and click the Periods tab.

Note: You can also access a contact's period information by choosing Setup > Clients. Click Edit Edit next to a client, and click the Periods tab. Choose one of their contacts from the Editing Periods for field.

Add a new fiscal year

To add a new fiscal year with associated periods, click the Add New Fiscal Year link below the Fiscal Year End field.

Edit periods

To edit existing periods that have already been set up for the contact, click the Edit Periods link in the Accounting tab of the Periods screen.

Onvio Workpapers and Trial Balance users: The year that you select in the Accounting tab's Tax Year field determines the year for the tax groupings schedule that is available in the projects' Groupings tab.

  • By default, the end date of the current fiscal year is 12/31. If necessary, you can change the end date in the Application Periods area and click Save.
  • Add a new fiscal year by clicking Add New Fiscal Year. Edit the dates in the Application Periods tab manually, or use the calendar to select the dates.
  • In the Application Periods tab, select the period frequency. Based on the current fiscal year end date and the period frequency specified, the application determines the default dates that are listed. Period descriptions
    Annual The period end date is the fiscal year end date.
    Monthly The period end dates will increment by one-month intervals (12 periods).
    Quarterly The period end dates will increment by three-month intervals (4 periods).
    Semi-Annual The period end dates will increment by six-month intervals (2 periods).
    13 periods The period end dates will increment by 4-week (28 days) intervals (13 periods).
    Weekly The period end dates will increment by 1-week (7 days) intervals (52 periods).
    Custom The period end dates will increment by the number of periods specified.

    When you hover your mouse pointer over a Period, you will see an option to set it as the Current Period.

Notes

  • Only trial balance data uses the period dates on the Accounting tab (accounts and balances). Project setup uses the fiscal year to calculate the due date.
  • For monthly, quarterly, and semi-annual frequencies: If the current fiscal year end date falls on a calendar month end, then the period end date will be the calendar month end (for example, 1/31, 2/28, 4/30). If the current fiscal year end date does not fall on a calendar month end, then the period end date will be the same date of the month for each period (for example, 1/20, 2/20, 4/20).
  • For weekly and thirteen period frequencies: The period end dates are determined by using 7-day weeks, whether or not the current period end date falls on a calendar month end.
  • Duplicate fiscal year end dates are not allowed in the same project.
  • Fiscal year end dates must be sequential with no skipped years.
  • Period dates must be sequential with no skipped dates.

The availability of some or all of these features depends on the applications your firm has licensed and the permissions your firm’s administrator has enabled for you.

Internal Employees: Submit HHTC feedback


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