Setting the Financial Year
- Note: Before starting, make sure to activate the Accounting App in your account.
Financial periods are used to define the time range adopted for accounting and financial reporting. This screen allows you to set the period duration and its start and end dates.
Steps to Set a Financial Period
- =Click on the “Accounting” menu.
- Click on “Accounting Settings.”
- Click on the “Financial Periods” card.
- From the Financial Periods section, click “Add Financial Period.”
- The “Financial Period Details” screen appears. Fill in the following fields:
- Period (Required): Select the duration of the financial period from the dropdown, such as “1 Year.”
- Start Date (Required): Select the start date of the financial period from the date field.
- End Date (Required): The end date is automatically calculated based on the selected duration and start date. This field is read-only and cannot be edited manually.
- Description (Optional): Enter a descriptive note about the financial period.
- Click “Save” to add the financial period, or “Discard” to go back without saving.
How the System Works
- When you select the period duration and set the start date, the system automatically calculates the end date. For example, selecting “1 Year” with a start date of 01/01/2026 results in an end date of 31/12/2026.
- The defined financial period is adopted as the time range for accounting operations and financial reports, such as the Balance Sheet and Income Statement.