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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In India, the government's financial year runs from 1 April to 31 March.
Profit & Loss Account ledger Credit/Debit amount is visible for Current financial year and Last financial year both.
What can be found in this article?
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325648461Managing the Accounting Year#Adding Accounting Year
Managing the Accounting Year#Editing Accounting Year
Managing the Accounting Year#The Closing and Opening process of Accounting Year
Managing the Accounting Year#Using the Open button
Managing the Accounting Year#Using the Close button
Managing the Accounting Year#Transfer Ledger Balances button
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| Adding Accounting Year |
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| Adding Accounting Year |
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PrerequisitesThe user's role must have
the privileges the privileges for Add
application the application operation enabled for
the Accounting Year feature
in 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:  Image Modified
Field Name | Field Description |
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Start Date | The Start Date is a pre-populated field disabled for the user. It is populated according to - End Date of the last (max) accounting year created + 1 day | End Date | The End Date is a pre-populated field however the user is able to modify it. It is populated as |
the the 31st March of the upcoming year. Note: It is based on this value that the end dates of each month within that financial year is calculated. | Year Name | It is a mandatory field and allows easy identification of the years. | Save |
The button button saves the additions made. | Close |
The button button closes the window after asking for confirmation. Note: |
Closing Closing Accounting Year is |
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| Editing Accounting Year |
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| Editing Accounting Year |
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| title | Edit Accounting Year |
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PrerequisitesThe user's role must have the privileges for Edit application operation enabled for
the the Accounting Year feature
in in Admin - Organization - Periods through Roles in Ginesys Web - Admin - Security.
Step-by-step guideSelecting an Accounting Year Go to the Action > Edit. The Edit Accounting Year window opens.
 Image Removed Image AddedThe user can edit any of the details in the window, provided the following conditions are fulfilled:
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IMPORTANTAccounting Year can only be edited if the year is open.
- Accounting Year
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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| The Closing and Opening process of Accounting Year |
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| The Closing and Opening process of Accounting Year |
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| title | The Closing and Opening process of Accounting Year |
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| Using the Open button |
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| Using the Open button |
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| title | Using the Open button |
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On selecting an Accounting Year and clicking the Open option, it asks for a confirmation of the action and then in the Processing Status Status section, it shows the progress of the opening. It also displays a message to show how it was completed - successfully or with validation errors.
title accounting accounting year needs to be opened first.
If any subsequent accounting year is closed, then intermediate year cannot be reopened.
A message is displayed - Subsequent Accounting Year(s) are not open hence not possible to open the selected Year. First open the latest Closed Accounting Year.
Opening of Accounting Year
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clears values
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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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will transfer OU wise Ledger balance, for all the assets and liabilities type of ledgers, for the connected OU. If opening balances already exists for the next period, those old opening balance will be deleted and then transfer.
Closing of Accounting year will mark the Accounting year status as closed for the connected OU.
Closing of Accounting year will store the login user name
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time as Closed by date time for the connected OU.
Accounting year prior to the one, user is trying to close, should be closed. Otherwise the following error message will be displayed - Previous Accounting Year in not closed yet. Please close the previous year and try again.
Status of all Financial month for the selected year should be closed. Otherwise the following error message will be displayed - Please Close all the Financial Months before proceeding to close the Accounting Year.
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.
Accounting year after the closing year has already been created. Otherwise the following error message will be displayed - Please create next Accounting Year before closing the selected Accounting Year.
There should not be any mismatch in Release Status for accounting entries between posted financial transactions and their respective entries in this module.
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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 |
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the Transfer Ledger Balances |
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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 |
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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
