As the end of the year approaches you need to create a new posting period in your system, in order to have transactions within the new fiscal year. Below are the steps to create your new posting periods for 2019.
1. Go to ADMINISTRATION>SYSTEM INITIALIZATION>POSTING PERIODS.
2. You should get a screen similar to this one. Click on “New Period”
3. On the next window, you need to enter your period code (fiscal year) and a period name.
4. Select Months as subperiods (this is very important). The number of periods should be 12.
5. CONSENSUS BEST PRACTICE: Set the Due Date from the beginning of the new period you are creating to the end of the following fiscal year (in this case until the end of 2020). Please note that SAP Business One will not allow you to post in transactions with due dates falling into the next fiscal year unless you set it up this way.
6. Once you add your new period, you will be able to change your Period Name.
7. In the above example, we’ve changed the Period 2019-01 to Jan 2019. This change is very useful especially when your Fiscal year differs from the Calendar Year (for example the 5th period could be November instead of May if your fiscal year goes from July to June).
You are good to go!
Consensus customers: contact us if you need help with this procedure or other Year-End processes like Fixed Assets, 1099 or How to Year-End close in SAP Business One. Our consultants will be happy to schedule a session to walk you through them!
