Managing the calendar (tutorial)
 
The Fixed Assets financial calendar is designed to be as low-maintenance as possible: the calendar is created automatically, and all depreciation calculations use this calendar without needing any further information from the user. This tutorial shows how to modify the calendar for situations where you need to change period and year dates from the defaults.

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To load the tutorial database, start Fixed Assets and click the Tutorial command on the Help menu.


 Task 1: Opening the calendar

 
Each company database in Fixed Assets has its own calendar, which is used to control periods and financial year information. The Calendar option on the Administration menu is used to modify the calendar. Open this window now.
 
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The Calendar window will open with a default calendar based on a twelve-month year beginning on the 1st of April (for New Zealand) or the 1st July (Australia)

Each year has twelve periods with opening and closing dates. You can individually close each period or year. It is important to check that the calendar is correctly set up for your company before you start entering transactions, but the default calendar should be correct for most small companies.

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A new year is created, if necessary, every time a current year is rolled over with the Year end rollover command. This will usually mean that after the calendar has first been set up you won't need to check it again, and can just let it roll over automatically from year to year.


Task 2: Changing the year convention

The standard year naming convention, in line with Inland Revenue (NZ IRD) recommended practice, is to identify a fiscal year as the month the year ends in (for example, fiscal 2007 ends in March 2007). To change this for the tutorial company, select the 2007 year in the calendar and click Edit year. Change the Opening date from 1/4/2006 to 1/4/2007 and click OK. The entire calendar will recalculate itself accordingly.

To create a new year at the end of the calendar click on Add year. The details will be set up automatically to follow on from the last year in the calendar. Click OK to save the year.

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Years can also be added before the first year if necessary. Set the Accounting year and Opening date fields as appropriate.
 To set the calendar back to the standard convention select the first year again and click Edit year. Set the Opening date back by a year and click OK.


Task 3: Creating irregular years

 If a company's balance date changes it may be necessary to create a longer-than-usual year. Fixed Assets handles this by calculating depreciation in the affected year based on the new number of periods.

 Click on the year 2009 and click the Edit year button. Set the number of months in the year to 18 and click OK. You'll notice that the 2009 year has been adjusted for eighteen months and the following years have had their start dates adjusted accordingly. Using the Edit year option again, set 2009 back to 12 months and click OK. The calendar will be restored to its previous settings.

 
bm4.gif While we don't suggest you play with your calendar with live data, it is designed to automatically apply calendar changes to the live ledger under any likely real need. Changing the number of periods in the current year when there are live transactions will work correctly. Do not make calendar changes to previously closed years.
 
Task 4: Closing periods and years

 The year worksheet allows you to mark a period as closed by selecting the appropriate year and setting the Closed check box for that period. This will enable you to prevent additions, disposals and changes in assets being made to periods that have been closed, if using a strict monthly reporting system.

A year can be marked as closed by opening the Set calendar year window for the year and setting the Closed for data entry check box. This should be done for any years you create prior to the current year.


What next?

This tutorial has shown how to manage the calendar. The next section, Managing groupings, shows how to create groups, branches and departments, and how to move minor groups from one major group to another.


See also
Asset transactions tutorials