When setting up your company, you will have to input a date for your first accounting year-end. When this date finally rolls around a year later, you will need to create a new financial year. Luckily, we've made this nice and easy for you! 😉
First, go to Financial Accounting> Financial Years to access the menu.
Having Only One Financial Year
You will be shown your current financial year, click on the '+Create' button in the top right.
You will then be taken to the following screen, confirming the dates of your new financial year. Then you can just click 'Create'.
Financial Year End with a Flexible Date
You now have the option to select any day of the month as the end date for the Financial Year, providing greater flexibility.
In the following example, I've selected the financial year-end date to be the midpoint of the month.
The end date will be updated now
Furthermore, upon creating a new financial year, its start date will be set to the middle of the month.
Now, the new financial year will start from the middle of the month, starting from the previous year's end date.
Having More Than One Financial Year
You will be shown a list of your current and previous financial years. You can only have one Current and one Active financial year in the system, so one will need to be closed.
The year that has an 'Active' status is the one that will need to be closed and will have a tick box next to it, as below:
Select the box and you will then be asked to input your filing status date.
Enter the correct date and hit save. That financial year will then be closed and you will be able to create a new one by following the steps above.
Locking Financial Years
If you want to restrict the accounting entries for a particular timeframe, you have the option to lock a period. To do this, click on the below icon:
Add your locking period:
And select the relevant date range and click 'Lock':
Once a period is locked, you can edit it...
...or unlock it
