Financial Year Configuration

Financial Year Configuration

A financial year is a period,used by government, business, and other organizations for Financial Reporting(including profit and losses) and Budgeting.Financial year is used for accounting purposes to prepare Financial Statements.

Roles

Finance Admin

Path

Finance Admin » Accounting » Accounting Configuration » Financial Year Configuration

Pre-Requisite

• Finance policy must be created
• Finance Admin role to User

Inputs Needed

• Financial Year Start Date
• Financial Year End Date

Functionality

1. Able to add new Financial Year (Only First Financial Year need to be created manually,next new financial Year will be Created automatically)
2. Able to change the status of financial year as  Active or In-active
3. Able to delete financial year (if incorrect or not needed)
4. Able to Freeze Closing Balance which will be reflected in Financial Statements
5. Able to Check logs for the changes done in Configured Financial Year

Step by Step

1. Add new Financial Year

2. Change Status Active or In-Active

3. Delete Financial Year

4. Freeze Closing Balance

5. Logs