Opening a new financial year is a two-step process:
Create the new financial year (add the year record).
Open Period 1 in that year (so you can post transactions).
📌Note: Once Period 1 is opened, new transactions will default to the latest open year and period.
Create a new financial year
Go to System Set-up.
Click Financial Year Set-up.
Click the blue plus icon.
In Year Description, enter a description for the year.
🤓Tip:Use the same format as the previous year.
Example: if last year was 202223, use 202324 for the new year.Click Save.
Open Period 1 in the new year
After creating the new year, you must open Period 1 before you can post into it.
Go to System Set-up.
Click Financial Year Set-up.
Select the new financial year.
In the Actions column, click Open (to open Period 1).
If you can’t open Period 1
If you are unable to open Period 1, refer to: Unable to close a Period in a new Financial Year.
This is commonly caused by the previous financial year not being fully closed.
📌Note: When Period 1 is opened in the new year:
transactions you create will default to that period.
the system is designed to default to the latest opened year and period.