Create a new financial Year

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CreationThe creation of a new financial year occurs at the end of a financial yearyear, and there isare no new yearyears and periods in the system.

OneIf your financial year is not created, you will not be able to postprocess any transactiontransactions if the financial year or periods do not exist.

To create a new financial yearyear, –Follow the steps below:

Go to System Configuration Module > Administration > Financial Periods setup.setup

1. Highlight your last year - See example yearbelow
4
2. Click oncreate Createnew
New
3. Then Year

   Thethe window for the clone year will comeappear upas toshown askbelow. you

what
4. Add date you would like theyour next yearfinancial toyear-end
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.