Definition
A book year (also called fiscal year or financial year) represents a specific accounting period (typically 12 months) within a folder. It defines the temporal structure that accounting systems universally impose.Purpose
Book years define the accounting period for a folder. All transactions must be recorded within an open book year. Companies report financial results per book year.Relationships
- Belongs to a specific folder.
- Contains all accounting records for that accounting period.
- Multiple book years can exist within a folder for historical management, but usually only one is active at a time.
- Operations are typically prohibited on closed book years.