KB19: Create New Fiscal Year

KB19: Create New Fiscal Year

KB19: Create New Fiscal Year Nilesh Mandani

Before you can post in a fiscal year, you must open the fiscal year and define its accounting periods.

For many companies, the fiscal year does not coincide with the calendar year. Fiscal periods can be measured in other units of time, such as months or quarters. You can use the Create Fiscal Year window to set up the accounting periods that suit your business needs.

INDEX:

Sr.No.Description
Setup- 1General Ledger Setup
Setup- 2Accounting Periods
Setup- 3Income Tax Accounting Periods
Setup- 4GST Accounting Period
Setup- 5FA Accounting Periods Inc. Tax
Setup- 6No. Series Setup
 Example for Entry in Previous Year after new year

Setup- 1: General Ledger Setup:

Setup- 2: Accounting Periods:

Click on Create year…

Setup- 3: Income Tax Accounting Periods:

Set Fiscal year Quarters

Setup- 4: GST Accounting Period:

Create Quarters (Sub Periods…)

Setup- 5: FA Accounting Periods Inc. Tax:

Setup- 6: No Series Setup:

Repeat Setup- 6 for Other No Series…

Example for Entry in Previous Year after setoff new year

  • Suppose Today’s Date is 01/04/2020 and you want to perform & post transaction in previous Fiscal Year with Old No series…
  • Step- 1: Change Work Date
  • Step- 2: Enter Previous Fiscal Year Transaction Date & Press OK Button
  • Step- 3: Perform & Post Transaction

(System will automatically set old no series with Transaction)

  • Step- 4: Repeat Step- 1 & Step- 2, and set Today’s Date for routine work

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