Financial year of the company should be saved to Management > Accounting info > Financial year.
Both previous and current financial years should be saved to Procountor in order to compare financial data. By creating tracing periods the accounting can be made easier. More information about the tracking periods can be found here.
- The financial year should be created for every year separately. A financial year that covers several financial years is not allowed (1.1.2018-31.12.2020)
- The Financial year -view uses real time accounting data. The Update reporting database - button was removed from the view in version update V90 (July 20,2024).
Creating new financial period
Add a new financial year by clicking on the New financial year button. Choose the start and end dates from the calendar by clicking on the date field.
- Two financial years cannot overlap.
- Financial years do not need to be continuous or equal in length.
- You can enter transactions for a new financial year even if the previous one has not been closed.
Note! The author stamp of the receipt for opening the accounts indicates who closed the previous financial year and when.
Editing the financial year
Removing financial year
Before deleting a financial year, you have to remove all the tracking periods that have been created to that specific financial year. Removing the financial year(s) or tracking period(s) does not remove the accounting of the financial year(s) or tracking period(s).
- Select the financial year that you want to remove.
- Push Edit tracking periods.
- Push Remove tracking periods and remove all the periods that have been created.
- Save all the changes.
- Exit the view by pushing the X.
- Select the financial period that is going to be removed and push Remove financial period.
Editing length of a financial year
Before editing the length of a financial year, all the tracking periods have to be deleted from that financial year.
- Select the financial year that you want to edit.
- Push Edit tracking periods.
- Push Remove tracking periods and remove all the periods that have been created.
- Save all the changes.
- Exit the view by pushing the X.
- Select the financial period that is going to be edited and push the beginning and end date columns. Edit the dates.
- Save all the changes.
Closing a financial year
- Move to Financial year view (Management > Accounting info > Financial year)
- Select the financial year the you are going to close.
- All the financial years have to be closed starting from the oldest.
- Push Close financial year.
- If the financial year contains unfinished transactions, the program will notify you of this and of any unfinished receipts.
- Closing a financial year creates an opening receipt for the next financial year.
- The closed financial year’s chart of accounts, income statement, balance sheet, general journal and general ledger will also be saved in the Archive.
- After closing a financial year, remember to check that the accounting reports are up-to-date.
Opening a financial year
Begin the opening of financial year from the latest financial year by pushing Open financial year button.
- Opening a closed financial year will delete the opening receipt of the following financial year.
- If you wish to make changes to closed tracking periods within the financial year, they must be opened as well.
- If the next financial year has closed tracking periods, they must be opened before the closed financial year can be opened.
Warning signs
A new setting has been added to the Usage settings in Procountor: Warning settings. When this setting is on, the user will receive a warning of an attempt to save a receipt for a date that is not included in any financial year or tracking period.
The warning states that the receipt date is not included in any financial year or tracking period, and the user is requested to confirm whether to continue or cancel.