What the fiscal year does
The fiscal year is the twelve-month period the books are kept for. In Nepal it usually runs from the start of Shrawan to the end of Ashad; your company's own start and end dates decide.
- One year is active at a time. Making another year active switches the previous one off.
- Sales dates must fall on or after the active year's start. Earlier dates are refused.
- Numbering series are valid only inside the active year: a series whose start and end dates are not both inside it is not offered (Document numbering for sales).
- When IRD is on, each invoice is sent with the active year's Fiscal year IRD name, so that name must be filled in.
The Fiscal year screen
On Fiscal year (menu label Fiscal Year) a year has a Fiscal year name, a Start date, an End date, a Display order, the Fiscal year IRD name (shown when the company has IRD on) and Active.
- Two years cannot overlap.
- The start date must be before the end date.
- The IRD name cannot repeat from another year.
- The day before the start date becomes the opening entry date, the date opening balances are posted on.
Common questions
We made next year active too early and nobody can sell.
Tick Active on the current year again on the Fiscal year screen. Only one year is active at a time, so this switches the future year off. Make the new year active on its first day (Start a new fiscal year).
It is the first day of the new year and invoices are refused.
The new year is not active yet, so today is after the end of the active year and no numbering series covers it. Make the new year active: the series prepared for it then appear. If none were prepared, add them first (Start a new fiscal year).
Does closing a year stop changes to its documents?
Not by itself. Edit, Delete and Approve are switched off for documents dated in a closed year only once the closing is locked. Closing also makes the next year active at once (Close a fiscal year, Lock a closed year).