This guide explains how to manage and reset your financial year using the Accounting Period functions.
This is mainly used by existing users when:
Moving to a new financial year
Closing previous year accounts
Making final adjustments before closing
? Where to Access Accounting
? Where to Access This Function
Go to Accounting > Configurations
Click on Accounting Periods
On the account period page, you will see some of these functions:
| No. | Function | Description |
|---|---|---|
| 1 | Edit Period | Update financial year dates |
| 2 | Close Period | Close current period and move to next financial year |
| 3 | Undo Close Period | Reopen closed period (only available if not finalized yet) |
| 4 | Finalize Period | Permanently close financial year. Not editable |
| 5 | Revert to Previous Period | Return to previous period (with verification via email) |
Please refer image below to locate the page.
Step-by-Step: Reset Financial Year
Step 1: Review Existing Transactions.
Before closing the financial year, ensure all transactions are complete and accurate.
✅ Best Practice
- Perform Bank Reconciliation every month
? This helps ensure your bank balances are accurate before year-end closing.
? Where to Review Transactions
You can review your transactions from the following:
| No. | Location | Path |
|---|---|---|
| 1 | Transactions | Accounting >Transactions > My Location > Active |
| 2 | Journal Listing Report | Accounting > Reports > Journal Listings > Overall |
| 3 | General Ledger | Accounting > Reports > General Ledger > Overall |
| 4 | Other Reports | Any relevant financial reports for verification |
? What to Check
- All invoices and receipts are recorded
- No missing or duplicate transactions
- Account balances are correct
- Bank balances match reconciliation
Step 2: Close Period (Move to New Financial Year)
Go to Accounting >Accounting Periods
Click Close Period
What happens:
✅ System automatically creates and sets the new financial year. This step moves your system into the next accounting period.
❌ No new transactions allowed in the closed period
✅ You can still adjust existing transactions in the closed period
Step 3: Make Adjustments (If necessary)
Review previous period data
Make necessary corrections or adjustments
Step 4: Finalize Period
Go to Accounting > Accounting Periods
Click Finalize Period
What happens:
? Previous financial year is permanently locked
❌ No further edits allowed
Reverting or Reopening Period
Undo Close Period
Reopens the closed period
Only available if the period is not finalized
Revert to Previous Period
Switch back to previous financial year
? System will send email verification