Accounting year

When you create a new future year, all chart of accounts settings are copied from the current year. If you have selected an existing future year, you can use the function button Copy the chart of accounts from {current year} to {future year} to copy all chart of accounts settings (besides budget values) from the current year to the future year. This can be necessary if you have made changes in the current year that you want to copy to the future year.

Year

Here the accounting year is entered/displayed. The accounting year can have an alphanumerical value, for example "2014/15".

Start date

Here the first calendar day is entered/displayed. When you register a new year, the date cannot overlap another date.

End date

Here the last calendar day is entered/displayed. The accounting year cannot be more than 18 calendar months as of the start date. Based on the start date and end date, the system creates all periods for the year.

You can only change start date and end date on current and future accounting years. A current year can be extended as long as no future year has been registered. You can also shorten the current year as long as no transactions exists in the period that will be deleted.

Year type

The year types are set automatically by the system. The year type indicates the chronological order of the accounting year, that is, if it is a historical year, future year, or current year. You can shift between the different accounting years via the desktop's backstage.

The following year types exist:

  • Current year – The current accounting year. For example if you switch year from 2015 to 2016, then 2016 will become the current year and 2015 will become the AFS.
  • AFS – The year prior to the current year.
  • Historical year – Accounting years prior to the AFS.
  • Future year – Accounting years after the current accounting year. You cannot record financial entries in this year. In this year you can register budgets and accruals ahead in time.

OB locked

Here you determine if the opening balances should be locked from adjustment. This is normally made when the AFS has been completed and the final opening balance has been adjusted and transferred.

Status

The status of the accounting year's periods. If all periods are closed, the status is set to Closed. Otherwise, the status is set to Open. The periods' status is set in the Change period/accounting year procedure.