End Of Year Processing
Stage One - Opening a New Financial Year 2020
Prior to the beginning of April (for financial year ending 31/03/2019), a new financial year will need to be opened, below are instructions on how to do this.
In finPOWER Connect go to:
- Click on the binocular icon and select the entity by clicking on the 3 dots
- Select the edit (pencil icon)
- Select Accounts page
On both the Account Opening Date and Transactions calendars:
- Check the "BEGIN DATE" and change to 01/03/2020
- Check the "END DATE" and change to 31/03/2021
- Select the Save disc and save changes
This ensures that you can post from 1 March 2020
to 31 March 2021
The last month of the previous financial year is still open for adjustments.
This needs to be done for all entities.