Finance Period End Settings

Every organization has its own unique way of functioning. Through this option, users can instruct IMMS to behave in a particular manner to suit the functioning of the organization. In technical jargon this process is known as setting the flags. Hence, setting the flag as YES or NO to certain options, determines the behaviour of IMMS.

It is very important for the user to know the implications of setting the flag in a particular position. Administrator/User, after taking inputs from all the concerned, needs to take an informed decision before setting the flag in a particular position. Positions of some flags cannot be changed during the year.

Through this option, user can define parameters which influence many important matters related to the Finance department. They affect many entries and reports of the Finance Module.

Click on the button to enter/change the values of the flags.

Screen Layout of Finance Period End Settings

Field Description of Finance Period End Settings

Do you require Period End Facility in Core Finance Transaction(s) (i.e. Cash, Bank, JV, Debit/Credit Note, Miscellaneous Transaction, Bill Passing ?

Turn the flag 'On' or 'Off' by clicking on it.

If the Flag is set as 'On', than IMMS provides the facility to add and maintain financial data for a Period and therefore once a particular Period is over, it should be closed through Period End Processing option. Only when a previous Period is closed properly, will the next Period be available to enter data.

If the Flag is set as 'Off', than IMMS will add and maintain financial data for the whole year. Once the year is over, year end processing is required through Year End Processing option before entries in next financial year can be entered.

Finance Periods

In case the above flag is set as 'On', a grid with all the Periods defined through Period End Date Setting option will be displayed for your reference. The current Period will be highlighted to differentiate it from the rest. The grid is as follows -

In case the above flag is set as 'Off', a grid will be displayed with the current financial year only.

Once you have entered all the information, click on 'Save' button to save or 'Cancel' button to discard.