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 up, a window appears offering the choice between exporting to the next fiscal year or importing from the previous fiscal year. The first option is the one that requires the least amount of manipulation, which is why we recommend it.

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

When you click on the OK button, the program will open the new fiscal year directly, update it and return to the original file.

Attention: For this operation to be carried out in the best possible conditions, it is recommended that the data files for the various exercises be kept in the same folder on the hard disk. If the program does not find the data file for the next fiscal year in the same folder as the current fiscal year, you will be prompted to designate its location.

Attention: If you are using the program in a multi-user or cloud version, you can call this command only if no other user is connected to the server.

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 next-year 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 .