See the NOVUS Walkthrough Guide for further information.
The calendar enables any date to be assigned to a year and period. Normally, the financial year is divided into 12 contiguous (sequential in time but not necessarily consecutive) periods aligned to the Gregorian calendar.
However, if a financial year starts, on 1st October, then it is possible to set October 2019 to be period 1 of the financial year 2020.
The calendar dictates into which period IBA (insurance brokerage account) transactions will be aggregated in the period summary totals. Similarly, it is used to determine the appropriate period for NL (nominal ledger) postings.
The ‘current’ period is shown by a ‘<’ in the current period column which can be moved down the column (using the down arrow key) to make a later period ‘current’. Postings are not permitted to periods prior to the current period. Therefore the ‘current’ period is often referred to as ‘the first open period’.
The IBA end of period routine brings the period summary totals (and bank and brokerage records) into the nominal ledger and sets the 'NL closed' (posted) flag in the calendar to ‘Y’. It is not possible to bring the current period (‘<’) into a period which has been posted to the nominal ledger.
However, at the end of a period, having incremented the setting of the current period, it is possible with care to set the current period back provided that period has not been POSTED, i.e. subjected to the end of period processing. With care, it is possible to allow transactions to go into periods prior to that in which the system date falls. Any period prior to the current period, which has not been posted is considered to be blocked.
To make the first period of the following year current, execute a query on the calendar to display records across the year boundary. Drag down the arrow cursor (‘<’) using the down arrow key as described above.
The calendar should be set up starting with the earliest date planned to be used. The auto-build option will automatically build the calendar for the given year starting at the base date so that each period has an interval of one calendar month, i.e. approximately 30 days.
Care must be taken not to create a calendar containing gaps in order to avoid severe errors with period-end, year-end, risk record creation, and aggregation of IBA transactions.
To add a new year to the calendar
- Type CALENDAR into the NOVUS shortcut bar
- Type next sequential year into (first) year field
- Select Y for auto-build to assume monthly intervals
- Enter base date from where the calendar is to begin
- Press the (tab key) and the calendar will automatically build
- Click the save and close button to save the calendar
If an invalid year is entered (prior to 1997) an error message will appear showing that an invalid date has been entered. If a year after 2100 is entered an error message will be displayed at the bottom of the window: FRM-40207 Must be in range 1900 to 2100
It is advisable not to build two many future years in case there is a requirement to change your financial year.
v 5.0.0 – Updated to latest version
V12J - No significant change
V10K - First version of this form to use the new style. No other updates except the restyle.