Specifying when Financial Year starts

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Financial Years and Periods

Configuring Start of Year and Financial Periods

Nearly all NEOSYS clients financial year follows the calendar year (1st January to 31st December) but there are a few that are different eg 1st April to 31st March, 1st July to 30th Jun etc.

The configuration of Financial Periods are done in the Company File under Finance

Financialperiod.jpg

In the above screen the financial period has been set to 1 which means January to December. In case the company follows the April to March financial period, than it would be set to 4. You can configure this to start at any month (i.e. 1=Jan, 2=Feb etc)

Using Financial Periods

We always need to remember and inform clients that the PERIOD referred to in the finance system is always a financial period. (all examples are taken wherein the current financial year is 2007)

For eg: 

Period 1/2007 would be January/2007 in case the financial period is Jan to Dec.
Period 1/2007 would be April/2007 in case the financial period is Apr to Mar

Period 10/2007 would be October/2007 incase of financial period Jan to Dec
Period 10/2007 would be January/2007 incase of financial period Apr to Mar

Also if you are posting opening item journals for the previous financial year, note the following: 

Period 12/2006 would be December/2006 incase of financial period Jan to Dec
Period 12/2006 would be March/2007 incase of financial period Apr to Mar
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