Manage Financial year
Manage Financial year
InventoryPlus create the new data file for each financial year. Once after completing the financial year transaction required to create the new financial year book/data file to start entering the new financial year transactions.
Manage the financial year through the Settings menu financial year tab. This topic explain how to close the financial year and create the new financial year.
"Start New Financial Year" button will be enabled when financial year reaches the last date of financial year(Closing date of financial year). As per above screen shot, Financial year ending date is 31-March-2017, After login to last date of financial year you are able to see button "Start New Financial Year" enabled.
"Update ledger balance" button will be enabled when login date is equal to financial year starting date. This button will help you to update the previous years closing balance of accounting and stock to current financial year. This will be helpful if there is any pending transaction done after creating the new financial year. this transaction details can be carry forwarded to new financial year.
Note: Make sure to take the backup of existing company.
Creating the new financial year book: Click on "Start New Financial Year" button to start the new financial year process. There will be 3 steps wizards.
Step 1: Display the new financial year start date and ending date. Click on Next button to navigate to next screen.
Step 2: Financial year new file name will be displayed. Name will be suffix with financial year to identify the company with unique name.
Step 3: This is the final step, Click finish button to start the creation of new financial year file.
Process to update the current financial year file with previous financial year's closing balance. We understand, updating the old financial year data is common. After completing the creating on new financial year data file if you want to update or complete the some of the pending transaction of previous financial year and same balance carry forward to new financial year is challenging. You can continue with entering the old financial year pending transaction. InventoryPlus help you to update the old balance to new financial year opening balance using "Update ledger balance" feature.
"Update ledger balance" button will be activated when login date is starting date of financial year. Ex. 01-April-2018 is the login date is equal to new financial year starting date.
Step 1: Login with the new financial year, login date should be starting date of financial year, then "Update ledger balance" button will be enabled. Updating the balance transfer process contains the 2 steps. Click on "Browse" button to select the previous financial year file.
Step 2: Click on "Finish" button to start the balance transfer process.
- All existing account balance, stock balance will be carry forwarded to new financial year file after creation of new financial year.
- After completing the creation of new financial year, system will log off and login with new financial year file.
- If you are managing the multiple companies then you have to follow the new financial year creation steps for each company.
- If you want to open see old financial year transaction then use the Open Company to open previous financial year data.
- If you are using Server and clients then make sure setup new financial year on SERVER ONLY. While creation of new financial year process is going on then don't use the client system to update the old financial year data. This will leads to data lost.
- Use all clients system to open created new financial year data file to start entering new financial year transactions.