Many companies in the retail industry use a 4-4-5 fiscal calendar. A 4-4-5 fiscal calendar contains 4 weeks in period 1, 4 weeks in period 2, and 5 weeks in period 3, for example. Usually a fiscal period does not start on the first day of a calendar month and does not end on the last day of a calendar month.
The dates used in journals created using the asset leasing batch journal creation form assume a traditional month period. This results in the user having to change transaction dates and reversing dates to in journals after creation but before posting.
Please add functionality to reference/use the company's fiscal calendar period start/end dates when journal lines are created using the Batch journal creation form.
Comments
With fiscal periods that do not align with calendar, using the batch journal creation for the short-term liability reclass is a bust. The system creates 1 voucher with the two different calendar dates, but when you try to change them, because it's on the same voucher, it will just take the first date for all four lines - it defeats the whole purpose.
Category: Asset Leasing
This is a large issue within our company and we use a 4-4-5 fiscal calendar too. Our work around is to use the 15th of each month as that always falls within the proper fiscal period for us.But that requires our team only using the batch posting and hanging the posting date for every single leasing batch posting. It is quite easy to miss and then requires rework to correct. This causes other troubles: validating the leasing schedules requires transforming to the right fiscal period as well. The Short-term/long-term journals must be manually updated with the right date after entry.
Category: Asset Leasing