Year
This field represents the current financial reporting year the company is currently running under. For companies reporting on a fiscal basis the current reporting year is the calendar year in which the fiscal year started.
Period
The twelve period fields represent the month end closing dates for the twelve calendar months that make up your fiscal or calendar reporting year. The beginning date for each of the periods is not entered. The beginning date for a period is the day after the ending date for the previous period.
If you are starting your accounting system in the first accounting period, you must also enter the ending dates for the previous accounting year. This is necessary so the computer can determine the beginning date of the very first accounting period.