Routing the Account of the Financial Year

Daftra system allows you to choose between two types of fiscal year account routing. Either an automatic routing where all financial transactions resulting from closing the financial period are directed to the “Retained Earnings” account, which the system automatically creates, or a separate routing where you can direct the transaction of each separate check to a dedicated account.

• Note: Before starting, make sure to activate the Chart of Accounts App in your account.

Steps to route the Financial Period Account

1. Click on “Accounting” from the main menu.
2. Click on “Accounting Settings”.
3. Click on the “Accounts Routing” card.
4. Click on “Fiscal Year” from the menu on the left.
5. Select the “Routing Type” for the “Fiscal Year” and choose between:
   • Automatic Account Routing: The system will automatically direct the fiscal year account to “Retained Earnings”.
     • Note: When selecting “Automatic Assignment”, you can replace the account to which the fiscal year closing accounts are automatically routed and change the system’s default choice.
   • Specify per each: The system allows for manually selecting the sub-account during the fiscal year’s closure, routing any transactions to the specified sub-account instead of the default fiscal year account.
     • Note: You can choose a sub-account from within the existing accounts in the account tree, or create a new sub-account in the tree according to your accounting system.
6. Click on the “Save” button.

After saving, you must ensure the selection of the “Fiscal Year Account” during the closing of a fiscal year, so the movement is directed to the specified account.