Fiscal years: create, activate and prepare the next one
One fiscal year is active at a time. This is the administrator's view: how to add a year, what each field does, how to prepare the next one with its numbering, and what the screen refuses. What the year does to documents is in the Accounting knowledge base.
Fiscal year (menuFiscal Year): a list with Add. Each row shows Fiscal year, Fiscal year IRD (only when the company has IRD on), Start date, End date, Display order and Active.
Company setting > Fiscal Year > Fiscal Year: the same list with bulk actions (Activate all, Deactivate all, Delete all) and one extra box, Fiscal year code. The sub-tab Salary period holds the payroll periods of each year.
They keep the same records. The Fiscal year code is optional and is kept only so that a new numbering series can pre-fill its suffix (for example a code 82/83 gives the suffix -82/83): set it on the Company setting tab if you want that (Create and manage numbering series).
Add a year
1
Open the form
Who
Accountant or administrator
Where
Fiscal year > Add
What changes
The form opens with Active ticked.
2
Enter the year
Where
Fiscal year, Start date, End date, Display order
Needs
A name (for example 2082/83); the start before the end; the dates not overlapping another year.
3
Enter the IRD name, if shown
Where
Fiscal year IRD
What changes
The year name the IRD receives with each invoice. Left empty it takes the year's own name.
Needs
A name no other year uses.
4
Choose whether it is the active year
Where
Active
What changes
Ticking it makes this the active year and switches the previous one off. When you are preparing next year in advance, clear it.
5
Save
What changes
"Fiscal year saved successfully". The day before the start date is kept as the year's opening entry date, where opening balances are posted.
Prepare the next year
Add the next fiscal year with Active cleared.
On Create and manage numbering series, add next year's series for every kind of document and every branch: start and end dates inside the new year and a different suffix.
On the first day, open the new year and tick Active. The old year is switched off and the old series stop being offered.
Check that a sales clerk has an Add button and the first invoice takes the new series.
Delete a year
Delete removes the year for good, with its salary periods and payroll tax rules. The Company setting tab refuses to delete an active year. Closing and locking a year is not deleting: use Financial year closing (The Company setting page and its tabs).
Common questions
When do I make the new year active?
On its first day. An active year that has not started yet stops the sales screens.
I added next year on Company setting and selling stopped.
Adding a year there makes it the active one. Edit the current year, tick Active and save: that makes it active again and switches the new year off.
Can I delete a year I added by mistake?
Delete it on the Company setting tab while it is not active, before anything is entered in it. Deleting also removes its salary periods.
Where do I set the opening entry date?
You do not. It is worked out from the start date: the day before it. Change the start date and it follows.
The save says the year overlaps another.
The start or end date of this year falls inside another year. Correct the dates so the years follow each other without overlap.
The save says the IRD name of the year is already used.
Another year already has this Fiscal year IRD name. Give this year its own (Messages you may see).
