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).
đNote: 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.
đ¤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 canât 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.
đNote: 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.
Invoices and purchase orders in the new financial year
All outstanding purchase orders pull through into the new financial year, as they display as commitments against the budget for the new year.
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Purchase invoices, purchase credit notes, sales invoices and sales credit notes display in the previous financial year, as they relate to the previous year's accounts. All transactions appear in the new year to pay through payment runs or receipt methods.