• Registered: 01/05/2016
  • Posts: 3

Topic: Fiscal Year

I have taken over the accounting of a sports club. I have been adding entries throughout 2015, but in the set up it says that the current fiscal year is 2014 and that 2014 is closed. There is a fiscal year 2015, but apparently I have not been using it. Now I must proceed by closing the fiscal year 2015, but I don't know what to do. Can I start adding entries in the fiscal year 2016 ? How canb I be sure that the balance sheet by end 2015 is my opening balance sheet in 2016 ? And can I change accounts in 2016, without encountering problems in 2014/2015 ?

  • From: Singapore, India, Chennai
  • Registered: 05/02/2009
  • Posts: 6,160

Re: Fiscal Year

Possibly needs correction in the primary database itself.

As long as 2015 is active and the current one is temporarily 2014 which is closed, it is possible you have been entering data that has been correctly taken in for 2015.

Have a look at your actual entries - invoices, payments, etc and see if the date is correctly set in 2015.

apmuthu's Website

  • Registered: 01/05/2016
  • Posts: 3

Re: Fiscal Year

All my entries have the correct dates. I can produce a P&L and then I am asked for the starting date and end-date, i.e. 1 jan 2015 till 31 dec 2015, and I get a correct P&L for this period. It is possible to compare this to the previous year and to "cumulative". When comparing to "cumulative" it compares tot the total of this year 2015 and 2014. What I am afraid of is that I can't close 2015 and  that the result of my P&L will not be transferred to the opening balance sheet of 2016.

  • From: Singapore, India, Chennai
  • Registered: 05/02/2009
  • Posts: 6,160

Re: Fiscal Year

Then all you need to do is make 2015 the current active year in the Setup => Company Setup Form.

apmuthu's Website

  • Registered: 01/05/2016
  • Posts: 3

Re: Fiscal Year

Thank you very much. It seems to have done the trick !