In this page you can manage your company fiscal year and period locks (by months) to prevent further amendment on your created entries. The current fiscal year are usually determined and created during account book setup.
To access Fiscal Year, click on the Account Book Setting icon > Fiscal Year.
Creating a new Fiscal Year
To create a new fiscal year, hover your mouse on the “+New” button. A drop down will be shown for you to select to create a “New Previous Fiscal Year” or “New Next Fiscal Year”.
Fiscal Year Name: Name or description of fiscal year. Default will generate name as “Fiscal Year <yyyy>” where “yyyy” is your end date year. However, you may still change the fiscal year name according to your preference.
Start Date: Set start date of fiscal year. Usually the first day of month.
End Date: Set end date of fiscal year. Usually the last day of month.
Current Year: Determine during creation of account book. Current year also points out which year is the current opening balance refer to. This indicator will only move forward after Year End Closing is performed on the pointed year.
Actual Data Start Date
Actual Data Start Date is to define the first day where you key in your transaction into the system. Do note that Actual Data Start Date might be different with your company Fiscal Start Date.
Actual Data Start Date = Fiscal Year Start Date: Your opening balance will only show Balance sheet items.
Actual Data Start Date =/= Fiscal Year Start Date: Your opening balance will show Balance sheet items and Profit and Loss items. This is because you are starting to use the system in the middle of the fiscal year, which means there will be some brought forward amount from the previous months that need to be keyed in so that system able to generate a complete yearly financial report.
*See also Opening Balance on keying in Opening Balnces
Manage Period Lock
This function allows you to lock certain period (months) to prevent any amendment on created entries. To lock a period, you may click on the down arrow symbol beside the “Edit” on the fiscal year > Manage Period Lock.
A dialog will appear showing the selected fiscal year months. You can tick on the checkbox on the “Lock?” column of each month to lock the specific month. Click “Save” after you had done setting the period lock.