How do I create accounting periods within an accounting year?

Modified on Tue, 10 Dec at 2:28 PM

Cintra iQ holds the functionality to produce a costing file that is relevant to your accounting system, so that you can upload the file without having to manually enter the data.

Example:

In my company, I have a monthly payroll for the office staff. I have a weekly payroll for the factory staff. My accounting year runs from 01 July to 30 June. It runs in months. There are twelve accounting months and the first will be in July. In July, I'll need Journals covering the month of July payroll and weeks 14-17 of the weekly payroll. I need to produce a journal for those weeks.

Before you can produce a Journal of your company accounts, you need to set up an Accounting Structure in order to apply logic to all your accounting journals, and enable pay periods to be aligned with company accounting. This is also useful if you are paying third parties.

Important

Once an Accounting Group is set up, you will need to maintain it for each new accounting year.

About Accounting Groups

Accounting Groups allow you to define a structure for a payroll or group of payrolls so that their pay periods are assigned to accounting periods to match the accounting system logic. The Accounting Group defines the accounting periodicity eg Lunar or Monthly. It can be used to group payroll periods together and also define how each payroll pay period is assigned to an accounting period. This can be based on any one of the following:

Normal Pay Date
Tax Period From Date
Tax Period To Date
Pay Period From Date
Pay Period To Date.

To create accounting reporting groups

Navigate to the Accounting Reporting Group window.
Go to Cintra iQ: Payroll> Payroll Tools> Accounting> Accounting Group
Click the New button. The New Accounting Year form appears.
Enter the desired Accounting Year.
Enter the desired Start Date.
Enter the desired End Date.
Click the OK button. The Accounting Year is displayed in the Accounting Group window. And the Generate Periods button becomes active.
Click the Generate Periods button. The Accounting Reporting Group message appears stating: Changes have been made these will be saved before proceeding. Do you want to proceed?
Click the Yes button. The Accounting Periods window appears with the payroll periods assigned based on the Group logic you defined earlier.
Click the OK button when finished. You are returned to the Accounting Reporting Group window.

Important

You can update the Period's name by double-clicking the desired period and changing the name in the Edit Period form.

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