SchoolInsight Financials operates on a fiscal year, which is entirely separate from SchoolInsight’s academic year. The fiscal year must be created before you can configure dimensions, record transactions, run payroll, or do any other work in the Financials system. It may even be created a few years in advance to allow work on proposed budgets.
Unlike an academic year, fiscal year dates typically encompass an entire 365- or 366-day period, with the next year starting the day following the previous year. The default fiscal year in SchoolInsight Financials runs from July 1st of one year to June 30th of the next year, although these dates can be adjusted.
Only Financials Users with the Modify Setup permission are able to create a fiscal year.
To create a fiscal year:
- Go to Financials Main > Setup > Fiscal Years
- Choose the fiscal year
- Select the dates of the fiscal year