Create a Financial Period for Project Status Snapshots (Beta)

Creating financial periods allows you to set up structured timeframes, such as standard calendar months or custom accounting periods, for tracking project status snapshots. Establishing these periods gives your team a consistent framework to assign snapshots to specific financial timeframes, filter reporting views, and accurately analyze period-over-period variance across projects.

• Required User Permissions:

  • 'Admin' level permissions on the Company level Admin tool.

• Additional Information:

  • Calendar Months Format:

    • Period start and end dates cannot be updated manually. They are generated automatically based on the selected First Period Starts On date.

    • Periods end automatically the day before the next period starts. For example, if the next period starts on 2/1/2027, the previous period automatically ends on 1/31/2027.

  • Custom Format:

    • Period end dates cannot be edited directly. They automatically populate based on the start date of the following period. For example, if Period 2 starts on 2/1/2027, Period 1 automatically ends on 1/31/2027.

    • You must manually select the end date (mm/dd/yyyy) for the final period in the sequence.

  • Required Fields:

    • All fields in the Create Financial Year panel are mandatory.

• Limitations:

  • The date range for a new financial year cannot overlap with dates in an existing financial year or period group.

• Enable or Disable Financial Periods for Project Status Snapshots

1. Navigate to the Company level Admin tool.

2. Under 'Tool Settings', click Budget.

3. Click the Project Status Snapshots tab.

4. Click Financial Periods in the left menu.

5. Click + Create Financial Year.

Option 1: Create a Calendar Months Financial Year

1. In the Period Format drop-down list, select Calendar Months.
   

   Note

   • By default, this format is selected.

   • The Calendar Months format consists of 12 fixed periods, always starting on the 1^st of the selected month.

2. Click the calendar icon in the First Period Starts On field and select the desired starting month and year. For example, select October, 2026.
   Note: By default, the selected month is January of the current year.

3. In the Financial Year Name text box, enter a name for the financial year.
   Note: By default, the name automatically populates using the format "FY [Year]', based on the year selected in the First Period Starts On field.

4. (Optional) Review the auto-generated period table (Period No., Period Name, Period Start, Period End).
   Note: You can click into any Period Name field to customize individual month labels if needed.

5. Click Create Period.

Option 2: Create a Custom Financial Period

1. In the Period Format drop-down list, select Custom.

2. In the Number of Periods box, enter the total number of periods for the financial period (or use the + or - buttons to adjust the count).
   Note: By default, 12 periods are automatically populated.

3. In the Financial Year Name text box, enter a name for the financial period.

4. Configure the following options in the period table for each period:

   1. Period Name. Enter a name for the period.

   2. Period Start. Select the start date (mm/dd/yyyy) for the period.

5. Click Create Period.

• Change the Status of a Financial Period for Project Status Snapshots (to set the new period to 'Open')

• Create a Budget Snapshot (to assign a project status snapshot to the newly created open period)