Defining Fiscal Year - IRS Software

Defining Fiscal Year

General Ledger > Fiscal Year > Fiscal Year Template

  1. Fiscal Year knows as a financial year, or sometimes a budget year is a period used for calculating annual financial statements in business.
  2. Fiscal Year is the accounting period, which normally spreads over 12 months, however, note that for Startup Company, a fiscal year could be up to a maximum of 18 months.
  3. This period is also commonly used for the annual organization budget. From a financial analysis perspective, one might compare the fiscal year results of a business for several consecutive years, to discern trends.

To Add A Fiscal Year into Fiscal Year Template

  1. 1. Choose General Ledger > Fiscal Year > Fiscal Year Template
  2. 2. Click Add.
  3. 3. Enter Description, Start Month, End month and Check on Cross Year if involve 2 different years, the yellow field is mandatory)
  4. 4. Click Save.

To Edit a Fiscal Year from Fiscal Year Template

  1. 1. Choose General Ledger > Fiscal Year > Fiscal Year Template.
  2. 2. Click Edit.
  3. 3. Edit Description, Start Month, End Month and Check on Cross Year if involve 2 different years. (Yellow field is Mandatory)
  4. 4. Click Save.

Note: Start Month, End Month and Cross Year unable to edit if Record is used in System)

To Delete a Fiscal Year from Fiscal Year Template

  1. 1. Choose General Ledger > Fiscal Year > Fiscal Year Template.
  2. 2. Click Delete.
  3. 3. Press Yes or No.

Note: Data unable to delete if Record is used in System

Fiscal Year can be 12 months period within the same year, as shown in below. It also can be a 12 months period across 2 different financial years, as shown in below as well.

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