Custom Role tagged to a subsidiary > Open Tax / Financial Report > An unexpected error has occurred or This Period is not defined for this fiscal calendar

Scenario:

Certain subsidiary is getting unexpected error whenpulling up financial reports:

·        User enabled Multiple Calendars under Setup > Company > Enable Features> Accounting tab

·        User created a new Fiscal Calendar under Setup > Accounting > FiscalCalendars

·        User assigned the Fiscal Calendar to a subsidiary

·        User restricted arole that has access to financial reports/tax reports to just that subsidiary

·        User logged inusing that role

·        User navigated to Reports > Financial and opened any Financial Report or Reports >VAT/GST > open any Tax Report

·        User got theunexpected error:

This Period > is not defined for this fiscalcalendar. Go to 'Setup > Accounting > Manage Tax Periods'and set up orassign the period you need

 

Findings

·        The error is causedby:

·        Home > Set Preferences > Analytics > Report by Period = Financials Only or AllReports

Financial Periods are Period based

Tax Reports are Period based 

·        Periods in ManageAccounting Period/ Manage Tax Period > Fiscal Calendar are unassigned

·        User missed out on assigningthe periods to their respective FiscalYear and Fiscal Quarter

·        Fiscal Period setup/hierarchy is necessary to Tax/Financial Reportsspecially in determining the Retained Earnings (Balance Sheet Report) orInternational Tax Reports

 

Solution:

·        User will loginusing Administrator role to checkthe name of the Fiscal Calendarassigned to their role's subsidiary (Setup> Company > Subsidiaries > view subsidiary >(Tax) Fiscal Calendar)

·        User will navigateto Setup > Accounting > Manage(Tax) Accounting Periods > choose FiscalCalendar and either click Set UpFull Year or enter in the New YearOnly and New Quarter Only one byone