Accounting Periods

The Accounting application allows you to set up accounting periods based on your firm's accounting cycles and fiscal reporting requirements.

When you install Vision, you use the Utilities > Period Setup utility to establish accounting periods for your firm. You can:

• Establish the number of accounting periods per year.

• Change the start or end dates for each accounting period.

• Close and re-open accounting periods.

You can enter between 1 and 99 accounting periods. Firms typically use 12 accounting periods per year if they have a monthly accounting processing cycle, and 13 per year if they have four weeks in an accounting processing cycle.

Each time you log on to Vision, you are prompted to select an accounting period. In general, you should enter and post all transaction data in the current period. However, you can set up Vision to allow multi-period processing.