Create a new financial Year

Video training manual 2016 - Click Here

 

Creation of a new financial year occurs at the end of a financial year and there is no new year and periods in the system.

One will not be able to post any transaction if the financial year or periods do not exist.

To create a new financial year – Go to System Configuration Module > Administration > Financial Periods setup.

 

Highlight your last year example year 4

Click on Create New Year

The window for clone year will come up to ask you what date you would like the next year to end on, in this example 31 March 2024.  Then click on OK button

 

 

 

This will take you back to the financial period setup screen.  One will notice that Year 5 says Copy of Year 4. 

In order to change the Name of the year, double click on the line, edit the description and Save & Close.

 

 

 

One will be taken back to the Financial Year Period Setup Screen.  Check that your name has being successful changed.

In order to see the new Financial Period, click on the Financial Periods setup tab on the left hand side. 

The new financial year will appear in the drop down

 

 

 

Once you have completed this, log out of the system and back in.

 

Logging back into the 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.

 

Once the Login screen comes up, you can work like normal.