Set Up Options
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      2. Setup Files
      3. Set Up Options

      Change an Accounting Period

      How to change an Accounting Period

      • Go to Set Up Files / Set Up Options
      • To change the Accounting Month, select the Month you want from the drop down list in the field CURRENT ACCOUNTING MONTH.
      • Click SAVE.
      • By selecting a month you effectively close the previous month preventing any financial transactions from being posted to the prior months, subject to Close Office/Transaction Type settings. (You can search the Knowledge Base subject "Close the accounting month for specific transaction types and/or offices" for an explanation of this function.)
      • To change the Accounting Year to a Prior Year, select the Year you want from the drop down list in the field CURRENT ACCOUNTING YEAR. 
      • Click SAVE.
      • The system will present an information box advising that you are opening an Accounting Year for which you have already rolled your balances forward into a subsequent Accounting Year. It will present buttons for one of two options you can select:
          1. Delete the opening balances for the Year you are changing from
          2. Retain the opening balances for the Year you are changing from. The opening balances for that year will need to be refreshed at a later date to reflect possible changes to the prior Year  balances
      • Select one of the 2 options and click CONTINUE
      • To change the Accounting Year to the next year ie rollover to a new Accounting Year, select the next Year  from the drop down list in the field CURRENT ACCOUNTING YEAR.
      • The system will present an information box advising that you are creating/updating the opening balances for the selected Year.
        If you create the opening balances at this point, but later need to make adjustments to the prior year you can simply re-create the opening balances for the Year at that time.
      • Click CONTINUE.
      • The system will display the selected ACCOUNTING YEAR and the default RETAINED EARNINGS ACCOUNT.
      • Click CREATE which will create the Opening balances for the new Year and present a message "Opening Balances created successfully."
      • NB an Accounting Month or Year can be created at any point.