Company Setup: Difference between revisions
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(Created page with "A fiscal year (American term of Financial Year of FY) is a period that a company uses for accounting purposes and preparing financial statements. The fiscal year may or may not be the same as a calendar year. The system has a default period of Fiscal year from 1 Jan to 31 Dec. If your company's FY fall within this period, then you need not to make any changes. The default FY setting is from 1 Jan to 31 Dec. If your company has a Fiscal year starting on a date other t...") |
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The default FY setting is from 1 Jan to 31 Dec. | The default FY setting is from 1 Jan to 31 Dec. | ||
If your company has a Fiscal year starting on a date other than 1 Jan, For example: Your Fiscal year start on 01 Jul 2014 - Jun 30 2015. You can change it by performing | If your company has a Fiscal year starting on a date other than 1 Jan, For example: Your Fiscal year start on 01 Jul 2014 - Jun 30 2015. You can change it by performing one the following: | ||
'''<span style="color:red"><u>Note:</u>''' The default Fiscal year period is 1 Jan to 31 Dec. If your Fiscal does not fall within the default period, '''<u>DO NOT</u>''' add new Fiscal Period. Once you add it, it will take more steps to adjust them. | '''<span style="color:red"><u>Note:</u>''' The default Fiscal year period is 1 Jan to 31 Dec. If your Fiscal does not fall within the default period, '''<u>DO NOT</u>''' add new Fiscal Period. Once you add it, it will take more steps to adjust them. | ||
* Go to Setup, Fiscal Years. Assuming that the latest Fiscal period in your system is 01 Jan 2014 to 31 Dec 2014. Create a short dummy Fiscal year, 01 Jan 2015 - 30 Jun 2015 '''<u>after</u>''' the 31 Dec 2014. <span style="color:blue"><u>Note:</u> If the latest Fiscal date is 01 Jan 2015 to 31 Dec 2015, then create the short dummy Fiscal year, 01 Jan 2016 to 30 Jun 2016 and so on. | * Go to Setup, Fiscal Years. Assuming that the latest Fiscal period in your system is 01 Jan 2014 to 31 Dec 2014. Create a short dummy Fiscal year, 01 Jan 2015 - 30 Jun 2015 '''<u>after</u>''' the 31 Dec 2014. <span style="color:blue"><u>Note:</u> If the latest Fiscal date is 01 Jan 2015 to 31 Dec 2015, then create the short dummy Fiscal year, 01 Jan 2016 to 30 Jun 2016 and so on. | ||
* Create another Fiscal Year 01 Jul 2015 - 30 Jun 2016. This is to make the Fiscal year to match your actual Fiscal period. | * Create another Fiscal Year 01 Jul 2015 - 30 Jun 2016. This is to make the Fiscal year to match your actual Fiscal period. | ||
* Now, you can see that there is one Fiscal Period 01 Jul 2015 - 30 Jun 2016 appear on the list. | * Now, you can see that there is one Fiscal Period 01 Jul 2015 - 30 Jun 2016 appear on the list. | ||
* At Setup, Company Setup, set the company to use this year (01 Jul 2016 - 30 Jun 2017) as Fiscal Year (as shown in the screen shot below) | * At Setup, Company Setup, set the company to use this year (01 Jul 2016 - 30 Jun 2017) as Fiscal Year (as shown in the screen shot below) | ||
* Now, go to Setup, Fiscal Years: Click on the pencil icon to change the status of the Fiscal year to '''Close''' for the Fiscal years prior to 01 Jul 2015 (including the dummy year) as shown. | * Now, go to Setup, Fiscal Years: Click on the pencil icon to change the status of the Fiscal year to '''Close''' for the Fiscal years prior to 01 Jul 2015 (including the dummy year) as shown. | ||
* Once the Fiscal years are closed, you could delete them one-by-one. Now, '''Delete''' all the Closed Fiscal years by clicking on the "X" icon on the respective years. | * Once the Fiscal years are closed, you could delete them one-by-one. Now, '''Delete''' all the Closed Fiscal years by clicking on the "X" icon on the respective years. | ||
* At Setup, Fiscal Years: Create a Fiscal Period to patch the broken Fiscal Year: 01 Jul 2015 - 30 Jun 2016. If more earlier Fiscal periods needed to be created, just repeat this step accordingly. | * At Setup, Fiscal Years: Create a Fiscal Period to patch the broken Fiscal Year: 01 Jul 2015 - 30 Jun 2016. If more earlier Fiscal periods needed to be created, just repeat this step accordingly. | ||
* Finally, set this Fiscal Year 01 Jul 2014 - 30 Jun 2015 as active for the company | * Finally, set this Fiscal Year 01 Jul 2014 - 30 Jun 2015 as active for the company | ||
Revision as of 19:22, 5 June 2023
A fiscal year (American term of Financial Year of FY) is a period that a company uses for accounting purposes and preparing financial statements. The fiscal year may or may not be the same as a calendar year. The system has a default period of Fiscal year from 1 Jan to 31 Dec. If your company's FY fall within this period, then you need not to make any changes.
The default FY setting is from 1 Jan to 31 Dec.
If your company has a Fiscal year starting on a date other than 1 Jan, For example: Your Fiscal year start on 01 Jul 2014 - Jun 30 2015. You can change it by performing one the following:
Note: The default Fiscal year period is 1 Jan to 31 Dec. If your Fiscal does not fall within the default period, DO NOT add new Fiscal Period. Once you add it, it will take more steps to adjust them.
- Go to Setup, Fiscal Years. Assuming that the latest Fiscal period in your system is 01 Jan 2014 to 31 Dec 2014. Create a short dummy Fiscal year, 01 Jan 2015 - 30 Jun 2015 after the 31 Dec 2014. Note: If the latest Fiscal date is 01 Jan 2015 to 31 Dec 2015, then create the short dummy Fiscal year, 01 Jan 2016 to 30 Jun 2016 and so on.
- Create another Fiscal Year 01 Jul 2015 - 30 Jun 2016. This is to make the Fiscal year to match your actual Fiscal period.
- Now, you can see that there is one Fiscal Period 01 Jul 2015 - 30 Jun 2016 appear on the list.
- At Setup, Company Setup, set the company to use this year (01 Jul 2016 - 30 Jun 2017) as Fiscal Year (as shown in the screen shot below)
- Now, go to Setup, Fiscal Years: Click on the pencil icon to change the status of the Fiscal year to Close for the Fiscal years prior to 01 Jul 2015 (including the dummy year) as shown.
- Once the Fiscal years are closed, you could delete them one-by-one. Now, Delete all the Closed Fiscal years by clicking on the "X" icon on the respective years.
- At Setup, Fiscal Years: Create a Fiscal Period to patch the broken Fiscal Year: 01 Jul 2015 - 30 Jun 2016. If more earlier Fiscal periods needed to be created, just repeat this step accordingly.
- Finally, set this Fiscal Year 01 Jul 2014 - 30 Jun 2015 as active for the company