Where are new fiscal years created?

Question

BlackTom AI · Accepted Answer

Question presented: 'Where are new fiscal years created?' This asks about the correct location within the G/L (General Ledger) system to initiate a new fiscal year.
Option 1: 'In the G/L Create New Year form' This option aligns with the typical workflow where a dedicated Create New Year form is used to define and initialize a new fiscal year period in the GL module. It is commonly the correct entry point for year setup tasks.
Option 2: 'In the G/L Journal Entry form' The Journal Entry form is intended for recording transactions within the current fiscal year (and possibly prior years with adjustments), not for creating or opening a new fiscal year itself. Using it to create a year would be inappropriate and illogical for year management.
Option 3: 'In the G/L Accounts form' The Accounts form lists and records ledgers and individual accounts, but it does not govern the calendar or structure of fiscal years. It lacks the controls or fields necessary to establish a new fiscal year period, making this option incorrect.
Option 4: 'In the G/L Fiscal Year form' This label suggests a form related to fiscal year details; however, in many systems the dedicated creation step is separated into a 'Create New Year' workflow rather than a generic Fiscal Year form. If the system uses a separate create-new-year process, this option would be misleading; if it exists as a configuration screen, it may be involved in fiscal year setup, but it is not the standard entry point indicated by the provided correct answer.

In summary, the form intended specifically for initiating and creating a new fiscal year is the one labeled as the 'Create New Year' form within the G/L module. The other forms are oriented toward recording transactions (Journal Entry), managing accounts (Accounts), or configuring year-related settings (Fiscal Year), but do not serve as the primary creation point for a new fiscal year.

SG30018E1 - Sage 300 2018 General Ledger Module 4 Quiz

Where are new fiscal years created?

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