Accounting periods

Introduction

Use accounting periods to make sure that your financial reporting does not change, when time is tracked back in time or invoices made without you knowing about it.

The accounting periods are used for two things in TimeLog: Closing for registration and invoicing, and automatic value creation of time registrations on fixed price projects and fixed price tasks (if you do not use Revenue recognition). In this way, you can follow the estimated value on your fixed price projects.

Read more about the value calculation model for fixed price projects.

Description

On this page you can create and edit accounting periods and at the same time see a status of the single periods.

Accounting period setup

In this section, you activate the process of working with the accounting periods in the system. You select whether your accounting periods should be created manually each time or automatically by the system.

If you select automatic creation, you will get the option to create recurring accounting periods as you know it from recurring meetings in your calendar.

Most customers work with monthly accounting periods which are closed once the invoicing is completed.

When you have selected the interval for your accounting periods and press Save, they are automatically created and each time you close a period, a new one is created for the future. You will always be able to see the accounting periods for the coming two years.

Filter

Here you select the year you want to see the accounting periods for.

The table shows the created accounting periods with Start date, End date and their individual Status.

If you have not selected automatic creation of accounting periods, a new peiord is created by clicking Add new accounting periods, writing the Start date and End date for the period and clicking Save. The new period is created with the status Active, so it is possible to track time and expenses on projects.

If you do not invoice in TimeLog, it is here you close a period for registration. You do this by first marking the period and then selecting Close accounting period.

 

Special remarks

Accounting periods are closed in the Invoices main menu -> Accounting periods.

If there is a need for single employees to track time or expenses in a closed accounting period, the Status is changed to Active, and the employees can track their time and expenses. At the same time, TimeLog will automatically credit all vouchers that were booked on the fixed price projects.

Last updated 01 Jul 2020