Financial Periods Financial Periods Create a new financial Year Video Training Manual 2016 - Click Here The creation of a new financial year occurs at the end of a financial year, and there are no new years and periods in the system. 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 Highlight your last year - See example below Click create new Then the window for the clone year will appear as shown below.  Add your next financial year-end   Once the year is created you can click on periods to double-check if they are created correctly.  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.   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.     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   This will take the selected year and Create the next financial year period. Click yes to continue   Enter the End date of the next financial year     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 Financial Periods Block Blocking Financial periods will prevent users from processing in closed off periods. To block financial periods go to: S ystems Configuration > Administration> Financial Periods Setup Click On Periods Tab Select the required Financial Year This will display the 12 periods within the financial year selected. Click once on the Period you wish to Block. Click the Block Financial Period Button. Recreate Financial Periods Setup Systems Configuration > Administration> Financial Periods Setup Before you run this utility, ensure that you are a financial supervisor right activated. otherwise, you will not be allowed to continue.   Click On Extras tab and select from the drop down. Select “Recreate Periods” Function This function is usually done before you start your company.   Message will come up to ask if you are going to recreate new financial years.     Select the first date of the new financial year. New financial years has been created.   For the periods to take effect, log out of system and then back in   Click OK to run Utility to recalculate.   Financial Periods – VAT / GST Category A VAT / GST Category drop-down criterion have been added to allow the user to select the financial Tax period for his company.   This integrates into the system by allowing the user to capture VAT / GST in the current vat period for backdated invoices useful for Financial Reporting.   The tax periods and in which category the company falls under is determined by SARS or IRD.   What tax periods are available for VAT / GST?   The available tax periods are classified into five categories namely:   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.   VAT / GST period closes Video training manual 2019 - Click Here   System Configuration > Administration > Financial periods setup VAT and GST. Closes allows 1 to report on backdated documents that have VAT or GST in them. The report will check for processed documents that have been posted in a closed GST period. When you run the report the back dated transactions will be highlighted in blue. There are three reports, select the report for the VAT / GST period Report.   Archive Past Financial Years Huge ERP supports an unlimited number of financial years and can store an unlimited volume of data. When system performance begins to slow due to the amount of stored information, older financial years can be archived to improve speed and efficiency. A financial year cannot be archived unless the preceding year has already been archived, and you will not be able to archive any year that has not been fully closed off and blocked. Configuration > Administration >Financial Year Setup To archive a financial year: Configuration > Administration >Financial Year Setup Highlight the financial year you want to archive. At the top of the grid, click Functions . Select Archive Year . When you click on archive year you can run an Unallocated Report before processing the Archive.