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Transactions can only be entered into financial periods if they are open and totals are only rolled when periods are closed.
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A period may be open but may be part of a locked BAS statement
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To populate the information about a financial year select it from the year drop down list.
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- clear the form
- Enter a name (eg FY12-13)
- Enter the end date (eg 30 june 2013)
- Enter the number of financial periods (eg 12)
- Save
Each financial year once defined and used cannot be deleted without first removing all transactions that refer to that year.
Opening / Closing Periods
When a period is closed the totals for the period are re-calculated + all periods after this that are closed will be re-calculated until the next open period is found
- This means that anytime a period is adjusted and closed all following periods will be recalculated to ensure the reports are accurate.
When the last period that was open in a financial year is closed the year will be calculated
The Standard Financial Reports Module in the system use the calculated Retained Earnings Figure
Reports look back to the last closed financial period and use the retained earning totals from the closed period results and then calculate forward. This requires a discipline when re-opening periods to make adjustments. If you re-open a period you MUST
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If you do not Roll the financial year your balance sheet may not balance due to the Retained Earnings figure for each year not being correctly calculated.Note you can re-open periods and close them again later - anytime (if you have authority). Normally this would be done to do adjustments to journals. If you re-open a period and close it again you MUST "Roll Account Totals" to update the values for that month and subsequent months and for retained earningsclose your periods then the reports may take longer to run as they will need to calculate more periods back to get the values required.
Period Summary Tab
Once a period has been selected in the Financial year tab the grid shows all accounts for the period with their Debits and Credits total listed and their Currency.
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