BlackLine allows you to add your fiscal period into the system. Here’s a scenario many accounting professionals face every year. As the end of the year approaches, it’s crucial to ensure your financial systems are ready for the upcoming fiscal year. 

Watch this short video to see Adam Riskin, our BlackLine practice leader, demonstrate how to add new fiscal periods in your system.

1. Locate the Period End Date Screen

Begin by navigating to the period end date screen in your system. This is where all your existing fiscal periods are listed. For instance, if the current year ends in December 2024, this screen will display fiscal periods through December 2024.

2. Add a New Fiscal Period

To add a new fiscal period, follow these steps:

• Click the Add button.
• Enter the last day of the fiscal period. For example, for January 2025, input January 31, 2025.

3. Set Reconciliation Frequency

Depending on your organization’s requirements, set the reconciliation frequency:

• If you’re using standard frequencies (e.g., monthly, quarterly), select the appropriate frequency. For January, this would typically be “monthly.”
• If you’re using custom frequencies, this step may not apply immediately, but it’s good practice to configure the frequency settings accurately.

4. Inactivate Period Tasks

By default, the Inactivate Period for Tasks option is checked. This hides tasks for the new period (e.g., January 2025) until closer to the period’s start. Leave this checked initially, then uncheck it as you approach the end of the prior period (e.g., December 2024) to make tasks visible.

5. Assign Due Dates

Each fiscal period requires due dates for reconciliations:

• Key Reconciliations: Assign dates for preparation, approval, and review.
• Non-Key Reconciliations: Assign similar dates based on a slightly extended timeline.

You can either:

• Manually input due dates, or
• Use the Set Due Dates feature, which leverages predefined business-day rules for automatic population.

6. Save the Fiscal Period

Once the details are entered, click Save to finalize the new fiscal period.

7. Repeat for Remaining Fiscal Periods

Follow the same process to add all fiscal periods for the new year.

8. Handle Custom Frequencies

If your organization uses custom frequencies, you’ll need to take an additional step:

• Navigate to the Custom Frequency screen.
• Locate the appropriate frequency (e.g., monthly, quarterly, yearly).
• Scroll to the bottom, find the new fiscal period (e.g., January 2025), and click Add to include it in the selected frequency.

Why Custom Frequencies Matter

Failing to add new fiscal periods to custom frequencies can cause tasks and reconciliations to remain hidden, disrupting workflows for your users. This step ensures everything is visible and functional when the new fiscal period begins.

By following these steps, you can ensure a smooth transition into the new fiscal year, keeping your financial processes organized and on track. Whether you’re preparing for 2025 or beyond, this method will save you time and avoid potential disruptions.

Read more about Accounting & Accounts Receivable:

How to Add and Remove Accounts from Group Reconciliations in BlackLine

Stay Ahead of Your Reconciliations with BlackLine Email Alerts

Streamlining Financial Accuracy with Accrual Reconciliation Templates in BlackLine