A financial year consist of 12 periods. Sage 50cloud Pastel Accounting allows you to create 13 periods in a financial year. The 13th period is used to extend your financial year with one period, allowing you an extra period to finalise your year end.
NOTE: This step is not mandatory. Setting up a 13th period is optional and normally only done if you wish to extend your financial year to allow you to continue processing while finalizing your Year End.
Normally, a financial year consists of 12 periods, the system offers a 13th period for two exclusive reasons:
- Some organisations process 13 four-week periods in a year
- To extend your financial year
The latter option lets you work in the next year while you finalise your Year End.
- Select Setup>Periods
- Change the Number of Periods to 13
- Select the option Use Last Period as the First Period of the Next Year
NOTE: Processing will take place in the 13th period. When the Year End process is complete, all the processing in the 13th period will be moved to the first period of the new financial year.
CAUTION: If you are running 12 periods you should NOT select the option 'Use Last Period as First Period of Next Year'. This option moves all the transactions for the last period to the first period of the new financial year.
EXAMPLE: 12 Periods: March 2020 to Feb 2020, if option 'Make Last Period as First Period of next Year' is selected, Feb2020 will be the first period of New financial year.
13Periods: March 2020 to March 2021, 'Make Last Period as First Period of next Year' is NOT selected, April 2021 will be the first period of New financial year.
Based on the above if you only want to run 12 periods do not select the option 'Make Last Period as First Period of next Year'.
If you wish to run 13 Periods select the option 'Make Last Period as First Period of next Year'.
If this option is not setup correctly you may find that your periods are incorrect after running the Year End.
Alternatively you can watch the below video
NOTE: If you are unable to change your periods you may need to send the company dataset in for a datafix please email [email protected]. Ensure you include your customer number, base serial number and a screenshot of the problem.
CLICK HERE to visit the Year End Centre.