How to Edit & Close Fiscal Year
Only Admin users that are assigned with i-Account system role as a ‘System Administrator’ have the access to the Fiscal Year settings page.
How to Edit
Fiscal Year
1. To view the full list of existing financial years (fiscal years) in the system, go to the Accounting > System > Setup > Fiscal Years page.
2. At this page, Admin is able to create, edit and close the fiscal years in the account. Click the pencil icon to select a particular fiscal year for editing or closing.
3. You can edit the ‘Fiscal Year Begin’ and ‘Fiscal Year End’ dates of the existing fiscal year.
4. Next, enter the closing password (password set to close or reopen a fiscal year) and click on the Update button to save the changes.
5. The amended dates will be displayed in the fiscal year listing.
How to Close
a Fiscal Year
1. If you have already finalised the financial statements (including the surplus/deficit) at the end of a fiscal year, you can close the fiscal year to prevent any users from making further changes to the closed period.
Note: Closed Year
Users are not allowed to:
i. Enter new transactions
ii. Edit existing transactions
iii. Void existing transactions
2. To close a fiscal year, go to the Accounting > System > Setup > Fiscal Years page.
3. Click the pencil icon to select a particular fiscal year for closing.
4. Change the ‘Is Closed’ from ‘No’ to ‘Yes’ and enter the Closing password. Click on the Update button to save the changes.
Note: Closing Password
- During the first-year closing, you are
required to set a Closing password to close the financial year.
- The closed Financial Year can be
reopened if you need to edit or save a transaction dated within the closed
year.
- To unlock, change the 'Is Closed'
setting from ‘Yes’ to ‘No’ and enter the Closing password.
5. The Closed year status will be displayed in the fiscal year listing.
6. The system auto-generates a closing journal entry when users close a fiscal year. The closing journal entry will be posted to the 2 GL Accounts below:
- Profit/Loss Year
- Retained Earnings
Admins can set the GL Account code for the 2 accounts above at System > Setup > System and General GL Setup.
Auto-generated Closing Journal Entry
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