Manage the fiscal year

The fiscal year is set up during the configuration process via the accounting wizard. For detailed information, see Fiscal years. After the initial fiscal year is set up during configuration, any subsequent fiscal years must be created manually. Fiscal years can also edited and deleted if necessary.

Create a fiscal year

You can create a fiscal year that is not yet available in the system.

It is essential to create a new fiscal year in the system at the beginning of the new fiscal year. If the system cannot find a fiscal year to post any newly issued invoices or postings, they will remain unrecognized and will have to be posted again manually via the Invoicing module, once the new fiscal year has been created. It is also not possible to post balances carried forward from the previous year if no new fiscal year is created.

Prerequisites

A fiscal year has been selected, see Select the fiscal year.

Procedure

Accounting > Settings > Tab FISCAL YEARS

1. Enter a description for the fiscal year in the Description field.

   It is possible to enter digits, letters or combinations of characters. The number of characters is limited to 10.

2. Enter the start and end date of the fiscal year in the From and To fields. By default, the current calendar year is preselected as time period for the fiscal year.

   The fiscal year must consist of 12 months. However, it does not have to be a calendar year, but can be, for example from April 1 to March 31. Fiscal years cannot overlap in time, for example, fiscal years 2022 and 2022-2023 cannot coexist. If two fiscal years overlap, an error message will be displayed.

3. Click the Currency drop-down list and select the base currency. The drop-down list displays all currencies configured in the system. However, the accounting module works with the base currency only.

   The base currency is the currency used by a company for accounting purposes, usually the currency of the country where the business is primarily based, even if it operates in other countries and currencies.

4. Click the Tax on payment drop-down list and select the appropriate option. The following options are available:

   • Yes
     Select this option in case VAT is due when revenue is effectively received.
   • No
     Select this option in case VAT is due when revenue is invoiced.

   This option has fundamental implications for the system automatic recording of taxes. In case of doubt, please check with your tax advisor.

5. Click the Planning FY drop-down list and select the appropriate option. The following options are available:

   • No
     Select this option to set up an actual fiscal year.
   • Fiscal year for planning purposes only
     Select this option to set up a fiscal year for planning purposes only.

   A fiscal year for planning purposes will not be recognized as an actual fiscal year by the system, and therefore the automatic functions in the interaction with other modules will not apply. On the other hand, a fiscal year for planning purposes can overlap in time with actual fiscal years.

6. Click the [SAVE & NEW] button.
   A small pop-up window confirms that the new fiscal year has been saved. The new fiscal year is displayed in the list.

   

Edit a fiscal year

You can edit an available fiscal year, for example if a setting must be changed.

Prerequisites

• The accounting has been configured via the configuration wizard, see Run the accounting wizard.
• A valid fiscal year has been created, see Create a fiscal year.

Procedure

Accounting > Settings > Tab FISCAL YEARS

1. Click the fiscal year to be edited.
   The data for the selected fiscal year are displayed in the corresponding fields at the bottom.

   Potential loss of data
   Editing has the potential to cause loss of data due to overwrite. The overwrite cannot be undone and the overwritten data cannot be restored.
   Check all your entries before proceeding.

2. Edit the fields as appropriate.

3. Click the [SAVE] button.
   A small pop-up window confirms that the edited fiscal year has been saved. The edited fiscal year is displayed in the list.

   

Delete a fiscal year

You can delete a fiscal year, for example if it is no longer applicable.

Prerequisites

• The accounting has been configured via the configuration wizard, see Run the accounting wizard.
• A valid fiscal year has been created, see Create a fiscal year.

Procedure

Accounting > Settings > Tab FISCAL YEARS

1. Select the fiscal year to be deleted.

   Loss of data
   Deleting will permanently remove the selected data. The deletion cannot be undone and the deleted data cannot be restored.
   Problems may occur due to unresolved dependencies.
   Make sure you really want to delete the selected data.

2. Click the [DELETE] button.
   A confirmation window warns about a potential loss of data. Click [OK] if you want to proceed. A small pop-up confirms that the fiscal year has been deleted. The deleted fiscal year is no longer displayed in the list.