How do I update a fiscal period ?

It is very common to create a new fiscal year before closing the current fiscal year. However, some of the values in the current fiscal year have an influence on the values in the following fiscal year. Therefore, if these values are modified in the current fiscal year, it is essential to update them in the following fiscal year.

The File>Update Period command allows the closing balances of the balance sheet accounts of a fiscal year to be used as the initial balances of the following fiscal year, whether it is finally closed or not.

When this command is called, a window appears displaying the income statement used to update the fiscal period.

If you have entered transitory entries and they have been modified, check the appropriate option to have them updated at the same time.

Notice

• Periods can be updated as often as required.
• We assume that there have been no major changes to the chart of accounts between the two years, otherwise accounts with balances to be carried forward will be created again in the following year! In this case, manual entry of balances to be carried forward to the following year would be preferable to this automatic update function.
• It is not necessary to lock in the previous financial year, as your trustee will not have asked you to do so. Often, correction entries for the previous financial year can still be made several months after the end of the financial year. However, you will find information on how to lock a financial year in this article .