Define the Calendar

Setup for defining Accounting Calendar:

Step 1: Define Period Type 

Navigation: General Ledger Super User > Setup > Financials > Calendars > Types

Note: There are 2 types of Year Type

1. Calendar
2. Fiscal

What is the difference between Calendar Year Type and Fiscal Year Type?

The Year Type (Fiscal or Calendar), is used only to determine which two digits to append to the system generated period name.
  

If Year Type = Calendar

       The last 2 digits of the 'From' date for the period are used.

If Year Type = Fiscal
       The last 2 digits of the value in the 'Year' column are used.

Why 13 periods in above Calendar when we have only 12 months?

This 13th period is for Adjustment Period in which we put adjustment entries.
Adjustment Period is only visible in GL. You can NOT see adjustment period in sub ledgers like AR, AP.

Note: You can define any number of periods. For example, you could define a Week period type and specify 52 periods per year.

Step 2: Define Accounting Calendar

Navigation: General Ledger Super User > Setup > Financials > Calendars > Accounting

Enable the check for only for adjusting period not others.

Save It.   It launches Concurrent Program Other - Calendar Validation Report

What Validation this Program checks?


It checks following Validations.

1. Periods have date gaps?
2. Periods overlap?
3. Period numbers are greater than the maximum period number for this period type?
4. Period numbers are missing?
5. Periods are not in sequential order by date?
6. Quarters are missing?
7. Quarters are not in sequential order by period?
8. Period's start or end dates are more than one year before or after its fiscal year?

Additional Info:

You can define multiple calendars and assign a different calendar to each Ledger.You can use a monthly calendar for one Ledger, and a quarterly calendar for another.

We do have another type of Calendar. Which is Transaction Calendar.

(General Ledger Super User > Setup > Financials > Calendars > Transaction)
If business plan to use 'Average Balance Processing' then define a Transaction Calendar and valid business days for that calendar. This calendar is used to control transaction posting.

The above information will stores under:

GL_PERIOD_TYPES

GL_PERIOD_SETS

GL_PERIODS