This step of the Start a New Financial Year process requires you to specify details about the financial year you're about to begin.Financial Year Just CompletedNew Financial YearThe Last Month of the New Financial YearNumber of Periods in New Financial YearSelect whether you want to use 12 or 13 periods in the new financial year. The thirteenth period is used by accountants to record accounting entries (such as depreciation adjustments) that don’t relate to a specific month, but which need to be incorporated in the full year’s reports.Note that if you had 13 periods in the year that you are closing, and you recorded transactions in the 13th period, you cannot select 12.