Setting Up Accounting Periods

Derek Torres
Derek Torres
  • Updated

Important Note: PartsLedger is now PartsManager. PartsManager retains all of the parts purchasing and warehouse management automation benefits of its predecessor. To read more about this exciting change, click here.

 

The Accounting Periods section of PartsManager, formerly known as PartsLedger, allows you to create Accounting Periods (fiscal years) to manage monthly periods within each year.

IMPORTANT: We recommend that a Full Admin-user at your company closes each accounting period month in PartsManager shortly after the end of that specific month. Then, do a standard review to ensure it's right before inputting it into an accounting system.

Closing periods in PartsManager will not affect your accounting systems or integrations, and you will need to close those manually.

 

How to Close an Accounting Period Month

  1. On the Navigation Bar, click Admin
  2. Then click Acc. Periods
  3. Click the period you want to open to display a list of the Accounting Period Months.
  4. Click the Lock icon next to the relevant Accounting Period Month.
  5. Click Confirm.
    Note:
    The Inventory ledger must be opened and closed in chronological order (e.g., January, February, and then March).
  6. Then, do a standard review to ensure it's right before inputting it into an accounting system.

    IMPORTANT: We recommend that a Full Admin-user at your company closes each accounting period month in PartsManager shortly after the end of that specific month. Then, do a standard review to ensure it's right before inputting it into an accounting system.

    Closing periods in PartsManager will not affect your accounting systems or integrations, and you will need to close those manually.

    PartsLedger - Accounting Month Close.gif

How to Manually Add an Accounting Period

  1. On the Navigation Bar, click Admin
  2. Then click Acc. Periods
  3. Click Add Year After.
  4. This will create a new Accounting Period, Accounting periods will be by month and all months will automatically start on the 1st, so there isn't any manual resetting of dates.

FAQs

Are there any transactions or processes that are blocked by not setting Account Periods?

Nothing operationally is blocked when users do not close accounting periods. We recommend that an admin user close an accounting period (a month) in PartsManager first and then review it periodically to ensure it's right before entering it into an accounting system.

Is there anything I need to do retroactively for accounts that are live in PartsManager?

For PartsManager customers, 2022 and 2023 will be added. While it's a good idea to go back to close-out months, not doing so for those years won't hinder your everyday business operations.

What do the errors look like when you DON'T have an accounting year set up?

When you don't have an accounting year set up, you will not be able to close your year at the end of the fiscal year. In terms of months during the year, not closing a past accounting month means you increase the chances of data entry mistakes by allowing for the possibility of mistakenly backdating transactions. You also increase the odds of having inaccurate accounting data.

How do you reopen an accounting month?

To reopen an accounting month, you must be a Full Admin-user. Follow the steps in the How to Close an Accounting Period Month section, but you will click on the lock icon to unlock the month.

Why am I getting a "Month is Closed" message when I try to [adjust stock, transfer, etc]?

This message indicates that a month is closed and is likely because you're trying to modify activity related to a date in the past that belongs to a closed accounting period. For example, if it's a closed month, you cannot backdate something like the stock to it.

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