Set up journal periods

A journal period refers to the opening and closing of accounts within a specified time frame. These accounting periods typically involve performing periodical reconciliations at the end of each month on a designated cut-off date. This process allows for comparisons between different accounting periods or the same periods across multiple financial years.

An accounting period, or book year, is generally divided into equal time segments over 12 months or more, depending on how you define it. Any journal entry record created in Maxxton will be associated with a reference to the journal period and number, as configured in the Journal periods section of the Journals menu item.

Journal periods are used to capture journal entries within a predefined period, which is, in turn, required by the bookkeeping system MS Exact to process the journal entries correctly. Other bookkeeping systems may not use these journal periods; therefore, it is not mandatory to configure them in Maxxton.

Journal periods are configured once in the system and are therefore applicable to all AOs. They are recorded per transaction and are available in the different Maxxton reports: Revenue Distribution (RD), Financial Transaction Report (FTR), Journal Report (JR).

Create Journal periods

1. Navigate to Finance Manager, expand the Configuration menu item, and select Journal.
2. Select Journal periods on the Journal page.
3. Click Create journal period. You can only create journal periods for the year after the last set-up year. 
4. Enter the required information:
   1. Start date - The date from which you want to start using the journal period. In most cases, this is January 1st of the corresponding year.
5. Set up sub-periods if needed. In most cases, sub-periods are set up per month:
   1. Click Create period.
   2. Enter the start date of the next month.
   3. Repeat this until the end of the year.