An important element of any accounting system is the date. The dates of transactions and data in your system can drastically affect how useful and accurate your information is. You might also encounter situations in which you will need to enter information on a date different than the current date.

The fiscal calendar is the basis of the dates and calendar for the system and you should carefully plan and set it up. Although the fiscal calendar for many organizations follows the standard calendar year and ends with December, some organizations follow a different calendar. Based on your organization’s needs, you might need to set up your fiscal calendar differently than the default.

You can also change the date for a module or for a single transaction. This is beneficial if transactions are accidentally skipped from a prior day but need to be posted as of that date.