Financial Years
The Most important settings in our accounting software. During the time of initial Setup wizard, you make this configuration by giving the initial date of your financial year. Sometimes you might need to change the date once after get into the system. Most of the time, this configuration we cant change the middle years, it will collapse the system. So we are restricting it. But sometimes you might need to change the current financial year, or remove the new financial year which the system created by default.To create a Financial Year Settings, go to Setup > Company > Financial Year
Auto Financial Year
With our system, when your financial year ends, it will be auto created next one year with it. If there is any change in the New year, you need to edit it before create any new entry in the system. Or you can create financial year by manually before end of the current financial year. its upto your needs.
When you want to switch Financial Year on your company, go into company setup and do that. You will now be able to post to the current or past year: Your document numbers will increase irrespective of the Financial year you process in. Change the process date to be in the correct Financial year. When you have finished your year-end entries,
Closing Financial Year
you may close the Financial Year. A closed Financial Year can no longer be used for entries. When a Financial Year is closed, the difference between all asset and liability accounts are brought forward as a Journal Entry where the Default account for Retained Earnings is credited if this is a profit and debited if there is a loss. And the default account for Profit/Loss Year is debited if this is a profit, and credited if there is a loss.
Delete
You can have as many Financial Years running as you want, but for performance reasons you should not have more than needed (by your legislations). When you delete a Financial Year, the assets, liabilities and equities are brought forward. All other unneeded transactions such as documents are deleted.