Periods

Whenever you enter a transaction into MoneyWorks it is put into a specific accounting period. Thus if you make a payment dated March, the details of that payment will be recorded in the March period, and the expenses which the payment represents will be reported on in March.

When you first set up MoneyWorks, you indicated how many periods you wanted in your financial year —see Periods. Most organisations have 12 periods, one for each calendar month in the year.

Managing your periods is important. You can only enter transactions into periods which are open. MoneyWorks will normally manage opening your periods for you automatically. However it is important to close periods as well—while a period is open you can still enter transactions against it. Because MoneyWorks stores over seven years, this means that you can back enter transactions well into the past. But, if you have already finalised your accounts for those periods, or even presented final results to the board, back entering transactions in this manner will change these results.

Note:Period Management can only be done in single user mode, and the To Do panel in the Navigator is a good place to do it.