How to set Financial Period
Overview:
A financial year is a period of twelve months, used by governments, businesses, and other organizations in order to calculate their budgets, profits, and losses. Financial year is often used in business to compare with the calendar year. In the System Financial Period corresponds to the Financial Year. This must be configured first by the user before entering transactions to define the basis of reports and opening balances.
Scenario:
Set up Financial Period for the year 2023 and the Opening Balance is December 2022
Procedure:
1. In Navigation Pane, go to Company > Company Profile.
2. In Company Profile > Settings > Financial Period. Click Setup
3. Next, select a date for your Accounting Period.
Fiscal Start Month = Start and 1st month of the Financial Year
Length of the First Fiscal Period = 12 months.
Account Start Month = Month & Year of 1st live transaction (usually same with the Fiscal Start year unless Fiscal Start Year is not in Calendar Year)
Cutoff Date: Basis of the Opening Balances or 1st day of Live Transaction.
4. Once done, click OK.
Note: Once the system already has a transaction, Financial Period is no longer editable.
Application:
The Closing Balance Date is now set based on the Cut off Date in Financial Period
For further concerns regarding this matter, please contact support to assist you or create ticket thru this link https://support.qne.com.ph
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