If your financial year is not created, you will not be able to process any transactions
To create a new financial year, Follow the steps below: **Go to System Configuration Module > Administration > Financial Periods setup** 1. Highlight your last year - See example below 2. Click create new 3. Then the window for the clone year will appear as shown below. 4. Add your next financial year-end [](https://hugeerp10.co.za/hsofmanual/uploads/images/gallery/2024-02/lW2image.png) Once the year is created you can click on periods to double-check if they are created correctly. [](https://hugeerp10.co.za/hsofmanual/uploads/images/gallery/2024-02/0pYimage.png) When you are done, log out of the system then log back in When logging back into your company this window will appear to indicate that, there are changes to the financial years or periods within the system. Click on the OK button to run the Integrity Check. [](https://hugeerp10.co.za/hsofmanual/uploads/images/gallery/2024-02/WE7image.png) This will recalculate and integrity check all the ledger accounts in the system. Once complete click on the close button and log into the system. [](https://hugeerp10.co.za/hsofmanual/uploads/images/gallery/2024-02/vBDimage.png) # Financial Periods Setup Video training manual 2016 - Click Here Systems Configuration > Administration> Financial Periods Setup Highlight the current year Click On Extras tab and select from the drop down Select “create New year” Function .png) This will take the selected year and Create the next financial year period. Click yes to continue .png) Enter the End date of the next financial year .png) Amend The Name Of the created new year to reflect the changes. Rename the description Next Select the Periods Tab And amend the Name column to match the dates. When that process is done save and close and you are ready to post to the new financial year and months. # Add Financial Year Systems Configuration > Administration> Financial Periods Setup Click Add and fill in the information| **Description** | Fill in the description (Example: Year 1) |
| **Date From** | Fill in the date from you wish to start |
| **Date To** | Fill in the date to you wish to end |
| **Category A** | Under this category a vendor is required to submit one return for every two calendar months, ending on the last day of January, March, May, July, September and November |
| **Category B** | Under this category a vendor is required to submit one return for every two calendar months, ending on the last day of February, April, June, August, October and December |
| **Category C** | A vendor is required to submit one return for each calendar month. A vendor will fall within this category if the turnover exceeds or is likely to exceed R30 million in any consecutive period of 12 months, the vendor has applied in writing to be placed in this category or repeatedly failed to perform any obligations as a vendor |
| **Category D** | Under this category, a vendor submits one return for every six-calendar month, ending on the last day of February and August. This category applies mainly to a vendor who carries on farming activities with a total turnover of less than R1.5 million for 12 months |
| **Category E** | This is commonly referred to as the annual tax period because a vendor is required to submit one return for 12 calendar months. The vendor must, amongst other things, be a company or trust fund to fall within this category. |