Hi @kcaplin,
I think I might be able to help with this...
First, you'll want to create your term in the Terms area, giving it the full date-range for the term/year.
Once you do that, you'll define the grading periods within the term rom the grading admin area, attaching the grading periods to the term you created above (see the following screenshot showing what ours look like after being created, but note you don't have to name yours exactly like what we have with the Summer/Fall matching terminology):
With this setup, instructors will be able to choose from the grading period options in their gradebook as shown below:

Does that help at all?
-Chris
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