b)Switching back to previous year, make/change some entries and carrying over balances again to next year (New Financial Year).
We will now discuss the above mentioned points in detail.
Creating New Financial Year and carrying balances of previous year
To Create New Financial Year
Click the Start button to start the process of creating/changing new financial year.
While changing financial year, a Bank Reconciliation message box appears. Click the Yes button in the message box, if you want to carry forward un-cleared entries to next financial year. Otherwise, click the No button.
To switch back to previous year, click Administration Change Financial Year option. Given here is a screenshot of Change Financial Year menu.
Select FINANCIAL YEAR from 01-04-XXXX if you want to switch to a previous financial year. There can be various reasons for which you want to switch to a previous financial year such as to check any entry, to modify a record etc . On clicking this option, a Change FINANCIAL YEAR message box appears asking for your confirmation to change the financial year. Click Yes button in the message box, if you want to switch to the previous financial year.
Once you have switched to a previous financial year and made the required changes in it, click the Administration Change Financial Year fi from 01-04-XXXX option to switch to the current financial year again. If you have made some changes in the previous year’s records then while switching to current financial year, a Carry Balances message box appears asking your confirmation to carry forward the balances to the current financial year. Given here is a screenshot of Carry Balances message box.
In the message box, there are 2 options
All Masters – Select this option if you want to carry balances of all the Masters.
New & Changed Masters – Select this option if you want to carry balances of only those Masters in which some changes have been made.
On selecting any of the option, a Change Financial Year window appears. Given here is a screenshot of Change Financial Year window.
click the Start button to start the process of switching to another financial year.
At the bottom of the Change Financial Year window, there are two options. The options are:
While switching to another financial year, a Bank Reconciliation message box appears. This message box appears if you have enabled the Bank Reconciliation feature in Features / Options and in any Bank account; you have more than 50 percent of the entries for which clearing date has not yet entered. If you click the No button in the message box then the un-cleared entries will not be carried over to next financial year. Otherwise, if you click the Yes button then all the un-cleared entries of the previous year will be carried over to the next financial year.
HERE IS ALSO A VIDEO ABOUT HOW TO CHANGE FINANCIAL YEAR IN BUSY
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