Setting Financial Periods & Locking Accounting Data

Setting Financial Periods & Locking Accounting Data

Setting Financial Periods & Locking Accounting Data



Location

Action

Remark




Setup Activity>

A/C Setting

Click SETUP activity

Click ACCOUNTs

Click A/C Setting module

Click EDIT

This is to open and set the Accounting Registration in edit

mode.


ACCOUNTING LOCK PERIOD          This is to lock the data. Addition or changes to the transaction dated before this set date will be disallowed.


E.g. If you have closed your account for 31st Mar 16 accounting, you should set the date to 31st Mar 16.


LOCK TYPE

For basic user, it is recommended that you use CANNOT EDIT LOCK PERIOD TRANSACTION.

This is the default lock type.


RETAINING EARNING

OEQ0001 ACCOUNTING
(FOR YEAR END CLOSING)

Accumulated Profit & Loss is the default Owner Equity account.
When you do your financial year end closing, the system
will adjust your profit or loss to this balance sheet account
for carrying forward to the next financial year. Unless necessary,
you do not need to change this default account.


ACCOUNTING PERIOD

You should set START and END dates as the period for your financial year. Note that you can set multiple financial periods and concurrently work on them without closing.


Under Status, you can see that there is Open, Finalising & Close.


Open is the current the financial period you are working on.

Finalising is set when you are doing your financial year

end closing. This setting is required as it is linked to Year

End Closing Module.

Close is set when you have completed closing your

financial year.


Note that you can re-open a closed Financial Period to re- work on it.


Click SAVE

Close the module







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