When companys financial year has come to an end it is time to to set up new financial year in order of continuing to work further in program. Here we describe what you are required to do to create new financial year with some "good-to-know" things.
Create new financial year
When you are required to create new financial year in order to register accounting transactions in system go to Settings - Accounting - Financial year.
To section Create New Financial Year write down starting date to box From and ending date to box To. After click button called Create New Financial Year and read trough carefully info text which shows up and after you have finished click OK.
Delete your Financial year and your cgart of accounts
If something has failed you have the ability to remove financial year before you have created journals are invoices. In order to delete financial year go to Settings - Accounting - Financial year and click trash bin icon located next to the financial year you wish to delete.
A control question will appear. Click OK to delete or Cancel to repeal deletion. See below.
When financial year has been removed you can again create new year.
Nb! If you have already created journals and invoices then you no longer have the ability to remove your financial year. You can start with deleting the latest journal from each series and continue doing this as long as all journals have been deleted. If you have too many journals to be removed manually you can contact Briox Support with request that they would take them away for you.
Change the length of financial year
If you wish to change length of existing financial year go to Settings - Accounting - Financial year. From tab Existing financial years click the arrow located next to that year you wish to change.
New area will open where you can fill in new starting and ending dates for financial year. If former year already exists you can only set new ending date.
Click afterwards Save.
Preselected financial year
In Setting - 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 as preselected when you log in.
If you haven't chosen any year the latest financial year will open as you log in.
Change financial year
During the change of financial years must one usually work in both, the old and the new, years. In order to make bookings to different years you must change between the years you are working on. That you can do in up right corner of the program.
You can easily change between financial years trough clicking different year you want to change to. From menu you can see on what year you are currently working on and options of years you can change to.
As a new user you have the ability to manually fill in your former years outgoing balances as opening balances. In Registry - Chart of Accounts - Opening Balances you can manually fill in balances directly to Debit and Credit columns for each account.
Instead of using the button Transfer you can also write your balances directly to accounts to columns Kredit or Debit. Click button 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 the bank are set up in the new year.
- Make sure that you are working on that specific year you want to transfer opening balances for. You can see on which year you are working on from up right in program. See below.
- Transfer 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 working text below. The red text will disappear as you book in result of former year and transfer balances again.
- If your opening balances do not balance even tough you have booked 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.