Financial Years
A Financial Year defines the period your accounts are reported in. It is set during onboarding, rolls forward automatically, and is closed once your year-end entries are done. Of all the settings in the system this is the one that most rewards care.
Where to find it
Go to Setup > Company > Financial Year. The start date is first set in the Setup Wizard.
The system restricts changes to financial years deliberately. Altering a year that already carries transactions corrupts the reporting behind it, so most changes are blocked rather than warned about.
Auto Financial Year
When your financial year ends, the next one is created automatically. If the new year needs to differ from the default, edit it before posting anything into it. You can also create the next year by hand ahead of time.
Switching the year you post into
Change the active year in Company Setup. You can then post to the current or a past year.
| Point | Detail |
|---|---|
| Document numbers | Continue in sequence regardless of which year you post into. |
| Process date | Change it to a date inside the year you intend to post to — the year selection alone does not move it. |
| After year-end entries | Close the year, which stops anything further being posted into it. |
Closing Financial Year
Closing a year makes it permanently unavailable for new entries. On closing, the difference between all asset and liability accounts is carried forward into Retained Earnings, as configured in System and GL Setup.
- Complete every year-end adjustment before closing. Reopening is not a routine operation.
- Reconcile bank accounts, stock and the customer and supplier ageing first.
- Confirm the trial balance agrees before you close.
Delete
A financial year can be removed only where nothing has been posted into it — typically the empty year the system created ahead of time. Once transactions exist, deletion is blocked.
Related pages
- Company Setup — where the active year is switched
- System and GL Setup — the retained earnings account
- Setup Wizard — where the first year is set
- Go-Live Checklist — verification before you commit