Prev: Reports Up: Index of Content Next: Preferences

5. New Financial Year

5.1 New Financial Year Step by Step

Step 1: Establish a new financial year

New financial year
Image 14: New financial year

You may establish the next financial year at the earliest in the very next day of the ending of the last financial year.

Select main menu Accounts/New../Establish New Financial Year, set the period limits and click Next.

You may open the next financial year before you have completed the previous financial year, but remember that the opening balance may change. Execute Entries/Import Previous Financial Year Balance after you add entries to the previous financial year, so your reports are up to date as well as possible. When you have completed the previous financial year set its status immediately to “frozen”. See section “Import Previous Financial Year Balance”.

Step 2: Edit the scheme of the new financial year

Next you are offered the possibility to update your scheme. The less you need to change the scheme the better it is for the comparability of the reports of the sequential financial years. But if the scheme shall be updated the best time to do it is here in the beginning of a new financial year. Note that you are editing an existing scheme here. For detailed description see chapter “Preferences“ Page 5 “Edit the scheme”. Click Next when your scheme is done.

Step 3: Set the financial year properties

At this step you may update the new financial year attributes. Edit voucher series, default accounts and accounts on line if needed. For detailed description see section “New Accounts Step by Step” Step 9 “Set the financial year properties”. Click Next when you are ready.

Step 4: Import previous period balance

Import opening balance
Image 15: Import opening balance

This is the final step of creating the next financial year. If you are only probing how it works click Cancel and accept to undo your dummy period.

1. The opening balance sheet is shown to be checked. The “surplus/deficit” of the previous financial year is added to the account “surplus of previous periods“ and account “current period surplus/deficit” is cleared. Rest balances are the same as in the ending balances of the previous period.

2. Set the previous financial year status “frozen” if it is completed otherwise set it “open”.

3. Click Finished when you are ready and the new financial year is done.

5.2 Import Previous Financial Year Balance

Update opening balance
Image 16: Update opening balance

You may be working with a new financial year, while the previous period is not yet ready made. If you add some entries to the previous period the newest period opening balances are no more up to date.

1. Select main menu Entries/Import Previous Financial Year Balance to update the newest period opening balances.

2. Set the previous financial year status “frozen” if it now is completed. Otherwise set it “open”.

3. Click Apply and the opening balance will be updated.

Prev: Reports Up: Index of Content Next: Preferences