Saving the company's financial year in Accounting info is a prerequisite for closing old financial years and opening new ones. You can still enter transactions even if you have not specified a financial year.
Editing tracking periods
Add a new financial year by clicking on the New financial year button. You can choose the start and end dates from the calendar by clicking on the date field. Two financial years cannot overlap. Financial years do not need to be continuous or equal in length. You can enter transactions for a new financial year even if the previous one has not been closed. Note! The author stamp of the receipt for opening the accounts indicates who closed the previous financial year and when.
You can delete the selected financial year by clicking on the Delete financial year button. You cannot delete a closed financial year or one with tracking periods.
You can change the length of a financial year by retrieving new start and end dates from the calendar by clicking on the date field. You cannot change the length of a financial year that has tracking periods.
If you wish to make changes to the previous financial year, you can open the latest closed financial year by clicking on the Open financial year button. Opening a closed financial year will delete the opening receipt of the following financial year. If you wish to make changes to closed tracking periods within the financial year, these must be opened as well. If the next financial year has closed tracking periods, these must be opened before the closed financial year can be opened. You can close the financial year again by clicking on the Close financial year button.
The Close financial year button closes the oldest open financial year. If the financial year contains unfinished transactions, the program will notify you of this and of any unfinished receipts. Closing a financial year creates an opening receipt for the next financial year. The closed financial year’s chart of accounts, income statement, balance sheet, general journal and general ledger will also be saved in the Archive. Note! You must remember to update the reporting database before closing the tracking period in order to keep the accounting reports up-to-date. You should also update the reporting database after closing a financial year, so that the generated opening receipt will be included on reports. Update the database by clicking on the Update reporting database button. The updating may take some time. The function does not update the database used by the graphic or Voyant reports.
By clicking on the Edit tracking periods button, you can add, delete, close and open tracking periods within the financial year.
Example: When you close the 2014 financial year, the program will automatically generate an entry for the profit or loss of the 2014 financial year, dated January 1, 2015, on account Profit (loss) for the financial year. This balance is then transferred to account Retained earnings gain (loss) using a journal.
A new setting has been added to the Usage settings in Procountor: Warning settings. When this setting is on, the user will receive a warning of an attempt to save a receipt for a date that is not included in any financial year or tracking period.
The warning states that the receipt date is not included in any financial year or tracking period, and the user is requested to confirm whether to continue, cancel or move to editing the tracking periods in the Financial years view.