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Set up fiscal years and GL periods

Introduction

Upon installation, you will need to define your financial periods in ParagonERP. This article explains how to set up your fiscal year dates and periods.

Process description:

GL periods are defined as periods for which books are balanced and financial statements are prepared. In accounting, financial results are measured by periods. Any period with a defined beginning and end date can be used for an accounting period.
 
 

Step-by-step instructions:

  • Step 1: Go to GL period setup

From any screen in Paragon, click the settings button.

 

Under the financials card, click GL periods.

 

  • Step 2: Create a new fiscal year

To create a new fiscal year (in this case the first fiscal year in ParagonERP) click the create new fiscal year button at the top left-hand corner of the screen.
 

 

The following screen will appear, asking you to fill out your year-end and whether you use 12 or 13 GL periods.

 

First, confirm your year-end date using the calendar button.

 

Then, indicate if you use 12 or 13 periods by clicking the drop-down menu.

 

  • Setp 3: Accept and create periods

To accept your settings and create the GL periods, click the accept button.

 

You can cancel at any time before clicking the accept button by clicking the cancel button. If you do this, you will not create new GL periods.

 

Once you click the accept button, you'll be brought back to the main screen and your GL periods will automatically be set up based on your preferences.

 

If you need to set up more fiscal years, use the same steps indicated above. This task can be added to your year end procedures, since each year you will have to add a new fiscal year.

 

Voiding financial transactions in a previous GL period

Voiding transactions may be necessary for a variety of reasons - not the least of which is to correct mistakes. If the transaction (like an invoice or a credit) is voided within the same GL period in which it was created, no problem. ParagonERP will void the related journal entry in the same period. If however, the transaction to be voided was created in a previous period, ParagonERP has some verification to do.

 
If the GL period is open
  
In the screen above you will note that all GL periods for the year 2025 are open. Therefore, voiding an invoice generated in any of these open periods will simply void the journal in the same period. 
 
 
If the GL period is closed

If that GL period was already closed and you try to void an invoice that was issued during that period, you will be stopped and given a notification explaining that the period is closed.  

 
 
 

Related articles

Take a look at our other articles about finances in ParagonERP.