• dls
  • Senior Member
  • Offline
  • From: UK
  • Registered: 02/23/2010
  • Posts: 63

Topic: New Fiscal Year

Hi I'm new to FA

I've input a previous quarter to analyse against our current accounting system and am happy with that. Indeed I'm very impressed with FA and it's flexibility etc.

I now wish to start using FA in earnest and have some other quarters in between that already entered and the new year. I do not wish to laboriously enter all this data and am planning to enter some adjustments in each of the a/c's to finalise to the year end from the audited accounts. At present I haven't the full figures to finalise this system to the old ( at accountants).

Can I start a new fiscal year and input data as required and still finalise a previous year to whatever necessary easily without any major consequences to the new fiscal year?

Probably a silly question but just checking. As said, very impressed with FA, but quite a steep learning curve to a complete newbie.

many thanks for some great work.
David

  • joe
  • Administrator
  • Offline
  • Registered: 03/15/2007
  • Posts: 5,085

Re: New Fiscal Year

Yes, you can. As long as the previous year is not closed, you can enter data on the previous year.
Current year balances are automatically updated.

When you want to not permit more entries on previous year, you should Close it.

Please also look into the Wiki regarding Fiscal Years.

/Joe

3 Reply by apmuthu (edited by apmuthu 02/04/2015 05:45:12 pm)

  • From: Singapore, India, Chennai
  • Registered: 05/02/2009
  • Posts: 6,089

Re: New Fiscal Year

The actual wiki page on fiscal years does not have any info on the consequences of re-opening a closed fiscal year possibly by directly changing it in the table.

@joe: Any thoughts on it?

apmuthu's Website

4 Reply by vtapia (edited by vtapia 01/25/2016 10:45:49 pm)

  • From: USA
  • Registered: 05/25/2015
  • Posts: 8

Re: New Fiscal Year

If I try to enter an invoice with a date on the new fiscal Year, I am not allowed:
"The entered date is not in fiscal year"

Is there something else I should do?

UPDATE: Need to change the current fiscal year in order to submit the transaction. It works,