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A fiscal year is a 12-month accounting period that a business will use for formal financial and tax reporting purposes. A fiscal year doesn’t need to align to a calendar year, and different countries may use a different 12-month period as their preferred financial year.
Within Projectworks, the fiscal year is used to:
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Derive a person’s capacity hours for a year, so that if their cost is entered as an annual cost, their hourly cost can be calculated; and
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Filter by the “FY” (fiscal year date range, e.g. 1st April to 31st March) on a number of list screens and reports.
The fiscal year structure is created by default when a Projectworks environment is created.
Changing your fiscal year
It is rare that you will need to change the “First month of fiscal year”. To do this, Projectworks administrators with access to Admin.System.Settings.View go to:
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Settings > System > Hours, Days, Weeks and Year > Fiscal Year
Projectworks only allows a single fiscal year for your business.
If the “First month of fiscal year” is changed, this will change the FY date range filter, however people’s existing hourly costs will remain the same.
If some of your organisations have different financial and tax reporting periods that you want to view in a list scren or report, you can select “Range”, and select the start and end date of the desired financial reporting period.