Docs   /   Configurations   /   Fiscal Period Setup & Updates

Fiscal Period Setup & Updates

In Fiscal Period Setup and Updates, you can set an opening balance with the previous closing and finalized balance. You can remove and close the fiscal period. You can enable it to carry forward master entries from the previous period in financial accounting, fixed assets, inventory, and HR modules. You can set balance updating options and starting a new fiscal period.

 

Starting New Fiscal Period

To start a new fiscal period for your company, go to Configurations > Fiscal Period > Fiscal Period Setup and Updates, the fiscal period setup and updates page is displayed.

Click on the Start New Fiscal Period button.

Enter the Master Password and click the Proceed button.

You can select a Start Date and an End Date for your fiscal period opening and closing.

The Carry Forward Master Entries from previous period checkbox allows you to include all the entries of record from the previous fiscal period.

The Financial Accounting, Fixed Assets, Inventory and HR checkboxes let you operate the given modules in the defined fiscal period.

Click on the Start New Fiscal Period button.

 

Updating the Closing Balance

To update the closing balance for your company, go to Configurations > Fiscal Period > Fiscal Period Setup and Updates, the fiscal period setup and updates page is displayed:

Click on the Update – Closing Balance button. This updates the opening balance with the previous closing balance of the company.

 

Updating the Finalized Balance

To update the finalized balance for your company, go to Configurations > Fiscal Period > Fiscal Period Setup and Updates, the fiscal period setup and updates page is displayed:

Click on the Update –Finalized Balance button. This updates the opening balance with the previous finalized balance of the company.

 

Closing the Fiscal Period

To close the fiscal period, go to Configurations > Fiscal Period > Fiscal Period Setup and Updates, the fiscal period setup and updates page is displayed:

Click on the Close the Fiscal Period button. This will end your fiscal period.

 

Remove the Fiscal Period

To remove the fiscal period, go to Configurations > Fiscal Period > Fiscal Period Setup and Updates, the fiscal period setup and updates page is displayed:

Click on the Remove the Fiscal Period button.