TABLE OF CONTENTS

• What is a Financial Period in Fieldclix?
• Who can get access to the Financial Periods reference?
• Create Financial Periods 
• Objects related to a Financial Period
• How to Close a Financial Period
  • When a Financial Period cannot be closed
  • Restrictions in Closed Financial Periods
• Making Changes in Closed Financial Periods

What is a Financial Period in Fieldclix?

The Financial Periods reference helps you systematically measure revenues, expenses, profits, and other financial metrics over defined time intervals.

In the Fieldclix system, a financial period represents a specific timeframe for which your organization prepares financial statements and reports its financial performance.

Each financial period in Fieldclix corresponds to one calendar month.

Closed periods prevent any further modifications to the financial statements for that accounting period, ensuring data integrity and consistency.

Who can get access to the Financial Periods reference?

The following user group has access to the reference:

Create Financial Periods 

Financial Periods are automatically generated by the system script, which creates periods for the next 6 months.

Objects related to a Financial Period

We assign a financial period to objects that contain financial data included in financial statements. Therefore, the system closes these objects from editing when a related financial period is closed.

These objects are:

• Time Cards 

• Cost Rates Library

• Cost Rates Library History

• Payroll Period

• CIM Invoices

• VIM Invoices

• AdHoc Revenue and Expenses

• Financial Distributions

• BP Budgets

Each of these records has 2 fields:

1. Financial Period ID — indicates the ID of the assigned financial period. 

2. Blocked Yes/No — marks the record as locked or not for editing. It is filled when a period is closed and cleared when the period is opened.

Here is a table of how we associate an object with a financial period and when.

How to Close a Financial Period

1. Navigate to the Financial Periods reference.
2. Locate the desired financial period.
3. Change its status to Closed.

Important:
Periods must be closed in chronological order (oldest to newest).

After Closing a Period

The system automatically recalculates assigned Financial Distributions to ensure:

• Accurate financial statements.
• No missing account allocations or rate assignments.

When a Financial Period cannot be closed

You cannot close a financial period, if:

1. Payroll Period is NOT Paid. All Time Cards related to a financial period must be included in the paid payroll period.

2. Payroll Period is NOT synced to/from a payroll system.

   • If a payroll period type requires Sync To/From Payroll, the payroll period must be synced to/from a payroll system.

   • For the Sync From Payroll requirement, the system checks that the Latest Sync From Payroll date is filled for all payroll checks in a payroll period.

     
     

     Important 
     If a Time Card refers to a payroll period at the intersection of months, e.g. 3/31 - 4/6, the financial period “March 2025” cannot be closed until the entire payroll period has been completed and moved to the “Paid” stage. And until the cost rates are reconciled from a payroll for all checks under this payroll period.

     
     

3. There are still Pending CIM Invoices, that have NOT been Submitted and reconciled to an accounting system.

4. There are still some Unapproved VIM Invoices (Bills), that have NOT been reconciled to an accounting system.

5. The previous financial period is not closed.

Restrictions in Closed Financial Periods

Closing a financial period restricts modifications to related objects. The following actions are not allowed:

1. Create new records, including:
   • Time Cards
   • Invoices
   • COD Purchases
   • Adhoc entries
   • Payroll Checks
   • Payroll Periods
   • Financial Distributions
2. Edit existing records from the closed period.
3. Modify the effective date of the BP budget.
4. Change the Cost Rates Start Date.
5. Recalculate:
   • Time Cards
   • Payroll period data
   • Cost rates
   • Financial Distribution
6. Set the Effective Date for BP % completion (in a Build Plan) that falls within a closed financial period’s date range.

If you need to modify transactions in a closed financial period, you must first reopen the corresponding period.

Steps to Reopen a Financial Period:

Important:
Periods must be opened in reverse chronological order (newest to oldest).