Financial years

Owned by Peter Schöll
Last updated: Okt. 25, 2024
2 min read

Fiscal year management structures your financial year into periods and offers the option of protecting completed periods and years from change.

Creating a new financial year

Before you can enter a posting on a specific posting date, the corresponding financial year must be created.

Asset accounting requires a financial year for the current date. However, it does not need to be open. Create the next year in advance and close it first.

Select Master data > Accounting / Manage accounting > Financial years.

Select Add. According to the previous year, the start and end of the financial year and the posting periods are already pre-assigned. Save your entries.

Leave the period switch on "Monthly". Quarters or years can simply be selected in the reports (including advance VAT return). The entries for the quarter and financial year are still visible due to historical data.

Create closing periods

You can create several closing periods for each financial year. For better differentiation, you can give the period an individual name (e.g. "Subsequent postings 2023 StB").
These periods can only be addressed if a posting is made on the last day of the financial year. The additional Special period field opens in the posting screens (e.g. batch postings). You can select one of the closing periods there.

Postings in closing periods are not taken into account in the advance VAT return.
They are also not displayed in work reports during the year or by date.

Close periods

If you uncheck the checkbox in the "Period open" column, the period is closed. It can no longer be posted to until you check the box again. This also applies to depreciation runs and imports. Documents cannot be removed from the posting if the period is closed.

Close financial year

In the header area of the form, you can close the entire financial year using the checkbox. This also closes all periods and you will see the lock symbol in the overview.

A closed financial year protects asset accounting against unintentional changes or recalculation.