When a company's financial year has come to an end, you must set up a new financial year in order to continue working in the program. Here we describe what you need to do to create new financial year with some "good-to-know" information.
Create a new financial year
To create a new financial year go to Settings - Accounting - Financial year.
In the section Create New Financial Year write down the starting date in the From box From and the ending date in the To box. Click on Create New Financial Year and read trough the info text. When you have finished click OK.
Delete your Financial year and your chart of accounts
If something has failed you have the possibility to remove the financial year before you have created journals. In order to delete a financial year go to Settings - Accounting - Financial year and click on the bin icon located next to the financial year you wish to delete.
A control question will appear. Click OK to delete or Cancel if you have changed you mind. See below.
When the financial year has been removed you can create a new year.
Note! If you have already created journals then you can no longer remove your financial year. You can start by deleting the latest journal from each series and continue doing this until all journals have been deleted. If you have too many journals removed manually you can contact Briox Support and request they remove them for you.
Change the length of financial year
If you wish to change length of an existing financial year go to Settings - Accounting - Financial year. Under the tab Existing financial years click on the arrow located next to the year you wish to change.
A new area will open where you can fill in a new starting and ending date for financial year. If a former year already exists, you can only set a new ending date.
Preselected financial year
Under Settings - Accounting - Financial year you can also choose which year will be as preselected as you log in to system. Select the box next to that year you want to automatically open when you log in.
If you haven't chosen any year the latest financial year will open automatically as you log in.
Change financial year
During the change of financial years must one must usually work in both the old and the new year. In order to make bookings to the different years you must hop between the years as you are working. That you can do in upper right hand corner of the program.
You can easily change between financial years by clicking on the year you want to work in.
As a new user you have the possibility to manually enter your former years outgoing balances as opening balances. Under Registry - Chart of Accounts - Opening Balances you can manually fill in the balancesin Debit and Credit columns for each account.
Instead of using the button Transfer you can also enter your balances manually on your accounts in the columns Credit or Debit. Click Save when you are ready.
- If the opening balances do not match after you have posted the results for the previous year, check that all accounts you transfer from are set up in the new year.
- Make sure that you are working in the specific year you want to transfer the opening balances to. You can see which year you are working in in the right hand corner of the program. See below.
- Transferring can be done multiple times in case you need to do some changes to former years' bookings.
- If you are not ready with financial statements your opening balances will not balance. See the red text below. The red text will disappear as you book the result of your former year and transfer the balances again.
- If your opening balances do not balance even tough you have booked your former financial years' result make sure that all accounts from which you are transferring figures exist also in the new financial years' chart of accounts.