{"id":5102,"date":"2019-09-10T07:36:40","date_gmt":"2019-09-10T07:36:40","guid":{"rendered":"https:\/\/docs.daftra.com\/tutorial\/%d8%aa%d8%ad%d8%af%d9%8a%d8%af-%d8%a7%d9%84%d8%b3%d9%86%d8%a9-%d8%a7%d9%84%d9%85%d8%a7%d9%84%d9%8a%d8%a9\/"},"modified":"2026-07-06T11:30:20","modified_gmt":"2026-07-06T11:30:20","slug":"setting-the-financial-year","status":"publish","type":"tutorial","link":"https:\/\/docs.daftra.com\/en\/tutorial\/setting-the-financial-year\/","title":{"rendered":"Setting the Financial Year"},"content":{"rendered":"<div dir=\"ltr\" lang=\"en\">\n<ul style=\"margin: 0 0 16px; padding-left: 26px;\">\n<li style=\"margin-bottom: 10px; line-height: 1.9; font-size: 16px; color: #1f2430;\"><em><strong style=\"color: #111827;\">Note:<\/strong> Before starting, make sure to <strong style=\"color: #111827;\"><a href=\"https:\/\/docs.daftra.com\/en\/tutorial\/enabling-the-chart-of-accounts-app\/\" style=\"color: #1a56db;\">activate the Accounting App<\/a><\/strong> in your account.<\/em><\/li>\n<\/ul>\n<div role=\"feed\" aria-label=\"Chat messages\" aria-describedby=\"_r_8q_\" aria-busy=\"false\" data-find-provider-scope=\"\" style=\"margin: 0 0 18px; line-height: 1.9; font-size: 16px; color: #1f2430;\">\n<div data-sizer-excess=\"0\" style=\"margin: 0 0 18px; line-height: 1.9; font-size: 16px; color: #1f2430;\">\n<div data-index=\"199\" data-last-message=\"true\" style=\"margin: 0 0 18px; line-height: 1.9; font-size: 16px; color: #1f2430;\">\n<div tabindex=\"0\" role=\"article\" aria-setsize=\"200\" aria-posinset=\"200\" aria-label=\"Message 200 of 200\" style=\"margin: 0 0 18px; line-height: 1.9; font-size: 16px; color: #1f2430;\">\n<div data-test-render-count=\"1\" style=\"margin: 0 0 18px; line-height: 1.9; font-size: 16px; color: #1f2430;\">\n<div class=\"group\" style=\"margin: 0 0 18px; line-height: 1.9; font-size: 16px; color: #1f2430;\">\n<div class=\"contents\" style=\"margin: 0 0 18px; line-height: 1.9; font-size: 16px; color: #1f2430;\">\n<div class=\"group relative relative pb-[var(--msg-assistant-pb,0.75rem)]\" data-is-streaming=\"false\" style=\"margin: 0 0 18px; line-height: 1.9; font-size: 16px; color: #1f2430;\">\n<div class=\"font-claude-response relative leading-[1.65rem] [&amp;_pre&gt;div]:bg-bg-000\/50 [&amp;_pre&gt;div]:border-0.5 [&amp;_pre&gt;div]:border-border-400 [&amp;_.ignore-pre-bg&gt;div]:bg-transparent [&amp;_.standard-markdown_:is(p,blockquote,h1,h2,h3,h4,h5,h6)]:pl-2 [&amp;_.standard-markdown_:is(p,blockquote,ul,ol,h1,h2,h3,h4,h5,h6)]:pr-8 [&amp;_.progressive-markdown_:is(p,blockquote,h1,h2,h3,h4,h5,h6)]:pl-2 [&amp;_.progressive-markdown_:is(p,blockquote,ul,ol,h1,h2,h3,h4,h5,h6)]:pr-8\" style=\"margin: 0 0 18px; line-height: 1.9; font-size: 16px; color: #1f2430;\">\n<div style=\"margin: 0 0 18px; line-height: 1.9; font-size: 16px; color: #1f2430;\">\n<div class=\"standard-markdown grid-cols-1 grid [&amp;_&gt;_*]:min-w-0 gap-3 standard-markdown\" style=\"margin: 0 0 18px; line-height: 1.9; font-size: 16px; color: #1f2430;\">\n<p class=\"font-claude-response-body break-words whitespace-normal\" style=\"margin: 0 0 14px; line-height: 1.9; font-size: 16px; color: #1f2430;\">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.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"flex justify-start\" data-message-action-bar=\"\" style=\"margin: 0 0 18px; line-height: 1.9; font-size: 16px; color: #1f2430;\">\n<div class=\"text-text-300\" style=\"margin: 0 0 18px; line-height: 1.9; font-size: 16px; color: #1f2430;\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div aria-hidden=\"true\" style=\"margin: 0 0 18px; line-height: 1.9; font-size: 16px; color: #1f2430;\"><\/div>\n<div class=\"h-px w-full pointer-events-none\" aria-hidden=\"true\" style=\"margin: 0 0 18px; line-height: 1.9; font-size: 16px; color: #1f2430;\"><\/div>\n<h2 id=\"steps_to_set_a_financial_period\" style=\"font-size: 22px; font-weight: bold; color: #111827; margin: 32px 0 14px; padding-bottom: 8px; border-bottom: 2px solid #eef0f3;\">Steps to Set a Financial Period<\/h2>\n<ol class=\"[li_&amp;]:mb-0 [li_&amp;]:mt-1 [li_&amp;]:gap-1 [&amp;:not(:last-child)_ul]:pb-1 [&amp;:not(:last-child)_ol]:pb-1 list-decimal flex flex-col gap-1 pl-8 mb-3\" style=\"margin: 0 0 16px; padding-left: 26px;\">\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\" style=\"margin-bottom: 10px; line-height: 1.9; font-size: 16px; color: #1f2430;\">=Click on the <strong style=\"color: #111827;\">\u201cAccounting\u201d<\/strong> menu.<\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\" style=\"margin-bottom: 10px; line-height: 1.9; font-size: 16px; color: #1f2430;\">Click on <strong style=\"color: #111827;\">\u201cAccounting Settings.\u201d<\/strong><\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\" style=\"margin-bottom: 10px; line-height: 1.9; font-size: 16px; color: #1f2430;\">Click on the <strong style=\"color: #111827;\">\u201cFinancial Periods\u201d<\/strong> card.<\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\" style=\"margin-bottom: 10px; line-height: 1.9; font-size: 16px; color: #1f2430;\">From the Financial Periods section, click <strong style=\"color: #111827;\">\u201cAdd Financial Period.\u201d<\/strong><\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\" style=\"margin-bottom: 10px; line-height: 1.9; font-size: 16px; color: #1f2430;\">The <strong style=\"color: #111827;\">\u201cFinancial Period Details\u201d<\/strong> screen appears. Fill in the following fields:\n<ul class=\"[li_&amp;]:mb-0 [li_&amp;]:mt-1 [li_&amp;]:gap-1 [&amp;:not(:last-child)_ul]:pb-1 [&amp;:not(:last-child)_ol]:pb-1 list-disc flex flex-col gap-1 pl-8 mb-3\" style=\"margin: 0 0 16px; padding-left: 26px;\">\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\" style=\"margin-bottom: 10px; line-height: 1.9; font-size: 16px; color: #1f2430;\"><strong style=\"color: #111827;\">Period<\/strong> <em>(Required)<\/em>: Select the duration of the financial period from the dropdown, such as \u201c1 Year.\u201d<\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\" style=\"margin-bottom: 10px; line-height: 1.9; font-size: 16px; color: #1f2430;\"><strong style=\"color: #111827;\">Start Date<\/strong> <em>(Required)<\/em>: Select the start date of the financial period from the date field.<\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\" style=\"margin-bottom: 10px; line-height: 1.9; font-size: 16px; color: #1f2430;\"><strong style=\"color: #111827;\">End Date<\/strong> <em>(Required)<\/em>: The end date is automatically calculated based on the selected duration and start date. This field is read-only and cannot be edited manually.<\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\" style=\"margin-bottom: 10px; line-height: 1.9; font-size: 16px; color: #1f2430;\"><strong style=\"color: #111827;\">Description<\/strong> <em>(Optional)<\/em>: Enter a descriptive note about the financial period.<\/li>\n<\/ul>\n<\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\" style=\"margin-bottom: 10px; line-height: 1.9; font-size: 16px; color: #1f2430;\">Click <strong style=\"color: #111827;\">\u201cSave\u201d<\/strong> to add the financial period, or <strong style=\"color: #111827;\">\u201cDiscard\u201d<\/strong> to go back without saving.<\/li>\n<\/ol>\n<h2 id=\"how_the_system_works\" style=\"font-size: 22px; font-weight: bold; color: #111827; margin: 32px 0 14px; padding-bottom: 8px; border-bottom: 2px solid #eef0f3;\">How the System Works<\/h2>\n<ul class=\"[li_&amp;]:mb-0 [li_&amp;]:mt-1 [li_&amp;]:gap-1 [&amp;:not(:last-child)_ul]:pb-1 [&amp;:not(:last-child)_ol]:pb-1 list-disc flex flex-col gap-1 pl-8 mb-3\" style=\"margin: 0 0 16px; padding-left: 26px;\">\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\" style=\"margin-bottom: 10px; line-height: 1.9; font-size: 16px; color: #1f2430;\">When you select the period duration and set the start date, the system automatically calculates the end date. For example, selecting \u201c1 Year\u201d with a start date of 01\/01\/2026 results in an end date of 31\/12\/2026.<\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\" style=\"margin-bottom: 10px; line-height: 1.9; font-size: 16px; color: #1f2430;\">The defined financial period is adopted as the time range for accounting operations and financial reports, such as the Balance Sheet and Income Statement.<\/li>\n<\/ul>\n<\/div>\n","protected":false},"author":5,"featured_media":0,"template":"","categories":[2109,10409],"tags":[3247,3210,2296,3182,3183],"class_list":["post-5102","tutorial","type-tutorial","status-publish","hentry","category-general-accounting","category-financial-periods","tag---en","tag--en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Setting the Financial Year - Daftra Knowledge Base<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/docs.daftra.com\/en\/tutorial\/setting-the-financial-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Setting the Financial Year - 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