Define your Fiscal Years

Requirements

This tutorial requires the installation of the following applications/modules:

A fiscal year is an one-year period (12 months), which is used for business planning, budgeting, and reporting. Usually, a financial year is calculated according to the Gregorian calendar, starting from January 1st to December 31st. However, it can be defined for a different time period, depending on the specific circumstances of the business.

In Viindoo Accounting app, navigate to Configuration > Settings and find Fiscal Year section in the Fiscal Periods field to check settings information for a company’s fiscal year.

Navigate to fiscal year settings

The date configured here will be taken as the last day of the fiscal year. On this date, if you have not carried forward the balance, when viewing the financial statements, balances of revenue and expense accounts will be set back to zero on the first day of the next fiscal year. In reality, these balances still exist, you have to carry forward them.

In addition, you can enable the Fiscal Years feature from here to create financial years with irregular cycles:

Enable the fiscal years

Note

Fiscal periods created with this feature cannot be overlapped with each other.

See also

Related article

Optional module