# Period types in budgets
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Periods are a core concept in Phocas. Read the Phocas basics > [Periods page](https://app.gitbook.com/s/7pj8v25BOyqZTdG5mdD1/getting-started/periods) to learn more about the **Period** menu in Phocas and the different types of periods.
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When [creating a budget](https://docs.phocassoftware.com/budgets-and-forecasts/owner-and-administrator/create-a-budget), the available **Period type** options depend on the [period types](https://docs.phocassoftware.com/budgets-and-forecasts/owner-and-administrator/create-a-budget/broken-reference) that were added to the underlying database by the Phocas Implementations team or your administrator.
Typically, you can select either a Monthly or Yearly period type but you might also have the option to select a Custom period type. For example, you might want to create a quarterly budget or one based on a 4-4-5 calendar.
When you select the **Custom** option from the **Period Type** list, a new setting displays, allowing you to select the specific custom period to use and specify the start and end dates.
