iXERP provide a fiscal years settings to map your annual accounting cycle, Fiscal Year feature in iXERP is used to separate the accounting periods from each other. By default Fiscal Year feature follow a normal Calendar Year, Jan 01 – Dec 31, although you can define your fiscal year according to your accounting period.
Settings > Setup > Fiscal Year
When you start a new company, you should check that the Fiscal Year is setup correctly, if it is not, then you should start creating your Fiscal Year. After creating your Fiscal Year you should set this new Fiscal Year on your company by selecting Settings > Company Setup.
The default Fiscal year in iXERP is a normal calendar year, so If your fiscal year is different then you have to modify the Fiscal Year to suite your business.for example: if the first default year is setup as Jan 01 2020 – Dec 31 2020 and your starting Fiscal Year should be Jul 01 2020 – Jun 30 2021Follow the below steps to correct it:
You will now be able to enter your transactions to the current or past year, please note the following:
Closing a Fiscal Year (Year End)iXERP automate the closing of Fiscal Year to be easier and with no mistakes from manual entry, when a Fiscal Year is closed, the difference between all asset and liability accounts are brought forward as automatically created Journal Entry specially for this purpose, where the Default account for Retained Earnings is credited if this is a profit and debited if there is a loss, and the default account for Profit/Loss Year is debited if this is a profit, and credited if there is a loss. Please make sure that these accounts are created and set up correctly in the General Ledger and System Setup, by doing this step the fiscal year is closed and the year closing Journal is created.
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