How to Set Financial Period

How to Set Financial Period

Overview:

A financial year is a period of twelve months, used by government, businesses, and other organizations in order to calculate their budgets, profits, and losses. Financial year is often used in business to compare with the calendar year.

In QNE, Financial Period corresponds to the Financial Year. This must be configured first before entering transactions to define the basis of the report as well as the opening balances.

Scenario:

Set up Financial Period for the year 2022 and the opening balance as of December 2021.

Procedure:

1. Go to Maintenance > Financial Period.

2. Input the Accounting Period.

Fiscal Start Year = Start of Financial Year

Fiscal Start Month = 1^st month of the Financial Year

Length of the First Fiscal Period = 12 months

Account Start Year= Year to start the 1^st live transaction (usually same with the Fiscal Start year unless Fiscal Start Year is not in Calendar Year)

Account Start Month = Month to start the 1^st live transaction in the System

Cut Off Date (Automatic) = Basis of Opening Balance or 1^st day of Live Transaction

3. Once done, click Save.

Note: Once the system already has a transaction, Financial Period is no longer editable.

For further concerns regarding this matter, please contact support to assist you or create ticket thru this link https://support.qne.com.ph