An accounting period is a conventional extent of time in which accounting functions are executed, unified and reviewed including a calendar year or fiscal year. It can start on any day of a calendar year but has twelve consecutive months at the end of which account books are closed. The accounting period is useful in all operations of business because all stakeholders analyze the company’s functioning through its financial statements that are based on a fixed accounting period. Usually the accounting period involves a fiscal year which may vary based on local practices.
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Prerequisites- The user's role must have the privileges for Add application operation enabled for the Accounting Year feature in Admin - Organization - Periods through Roles in Ginesys Web - Admin - Security.
- The users have separate Open and Close permission for more flexibility in usage. This separate permission ensures, user is able to access the options depending upon the role being assigned. It a security check to ensure sanctity of financial data (From version 11.137.0 onward).
Step-by-step guideThe Add button in the Accounting Year grid view allows the inclusion of new years as and when required. On clicking the button, the Add Accounting Year window opens up to include all relevant details of an accounting year. The new record can then be saved and reflected in the master. The following fields need to be filled in: 
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| title | Edit Accounting Year |
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Prerequisites- The user's role must have the privileges for Edit application operation enabled for the Accounting Year feature in Admin - Organization - Periods through Roles in Ginesys Web - Admin - Security.
Step-by-step guide- Selecting an Accounting Year
- Go to the Action > Edit.
- The Edit Accounting Year window opens.
 - The user can edit any of the details in the window, provided the following conditions are fulfilled:
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| - Accounting Year can only be edited if the year is open.
- Accounting Year Name is a mandatory field and cannot be left blank.
- Year Name is only editable field.
- The Year Name cannot be duplicate.
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| Using the Close button |
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| Using the Close button |
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| title | Using the Close button |
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On selecting an Accounting Year and clicking the Close option, it asks for a confirmation of the action and then in the Processing Status section, it shows the progress of the closing. It also displays a message to show how it was completed - successfully or with validation errors. |
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| Transfer Ledger Balances button |
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| Transfer Ledger Balances button |
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| title | Transfer Ledger Balances button |
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On selecting an Accounting Year and clicking the Transfer Ledger Balances option, it asks for a confirmation of the action and then in the Processing Status section, it shows the progress of the action. It also displays a message to show how it was completed - successfully or with validation errors. 1. Action will transfer Ledger balance for selected accounting year of all the assets and liabilities type of ledgers as per existing ledger. 2. Action will transfer OU wise ledger balance for the connected OU. 3. Validation before balance transfer to be processed - a.Balance transfer cannot be done for already closed accounting year.
b. Ledger for 'Profit & Loss for B/S Posting' has to be defined in the company profile. Otherwise the following error message will be displayed -'Please provide default Profile Profit & Loss for B/S Posting ledger in the Company Information window.'
c. Accounting year after the selected year has already been created. Else display message 'Please create next Accounting Year before transferring the Ledger balance of the selected Accounting Year.'
d. There should not be any mismatch in Release Status for accounting entries between posted financial transactions and their respective entries in this module.. In case of any such difference found then, update the status of posted financial transactions from respective transaction status in this module. On closure of Financial month, before checking records for un-posted data, the release status of the already posted financial transactions are matched.
e. If opening balances already exist for the next accounting year, then those old opening balances are deleted and then the closing balance is transferred. |
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Transaction Date modification now can be done only within the same accounting year from Version 12.4.4 - 2.4.4 . |
To go back to the main page click on Managing (financial) Periods in Ginesys Administration...
