Fiscal Year

A specific document type is used for opening and closing fiscal year. 

Warning You have to define document type in the Document Types settings before first use.

In menu Financials | Year-End | Fiscal year document type for opening and closing fiscal year can be found. Using it you can create a closing and opening entry according to available scenarios. The Fiscal year closing is based on settings of Chart of Accounts. Of course, you can change them if needed and insert new ones.

When original posts are transferred to closing and opening entries, they are marked as closed and inactive. They cannot be changed anymore.

Warning Everything works fine in the next fiscal year if you created closing and opening entries accordingly.

Fiscal Year form consists of Document Header and several tabs:

1. Scenario - list of accounts from the Chart of Accounts.
2. Checks -List of checks thar are executed before year-end closing.
3. Errors -List of errors.
4. Journal Entries - Preview of created journal entries for closure and opening.
5. Log - Log of events.

1. Document Header

Document number is displayed in header. In addition, here you can set date as well as opening and closing entries.

Number	It is a unique consecutive document number. It is made up according to whether you set consecutive numbering of documents in the Administration Panel. That is, it is comprised of a two-digit year code, four-digit document type ID and six-digit consecutive number at most. In addition dashes are used to separate units. It is generated automatically and it cannot be changed.
Date From	Warning Set January 1st, 2007 in Date From field for databases including records of transition to EUR. Otherwise enter any other date marking the start of a fiscal year.
Date To	Set date marking close of fiscal year.
Closure Doc. Type	Enter or select posting document type, which you can use to post closing balance. You can ONLY post opening balance using this document type.
Opening Doc. Type	Enter or select posting document type, which you can use to post opening balance. You can ONLY post opening balance using this document type.
Posting	Check which types of account to include in closing and opening entries. You can include and close subsidiary accounts, accounts closed using linked documents and general ledger accounts. If you check all, closing and opening entries are created for all accounts simultaneously. 1 - Subsidiary Accounts - Check it to create closing and opening entries for accounts marked as subsidiary accounts in the Scenario panel. 2 - Linked Document - Check it to create closing and opening entries for accounts that are marked as being closed with linked document in the Scenario panel. 3 - General Ledger - Check it to create closing and opening entries for accounts marked as general ledger accounts in the Scenario panel. Closing and opening entries are created separately for each account type.
Prepare Clsr./Opng.	Clicking the button   (Prepare Clsr./Opng) creates closing and opening entries for the selected type of account (that is, subsidiary accounts, those closed in linked document and/or general ledger accounts). After creating Journal entries for Closure, IRIS 9604 - The year end closing has been made appears.
Do Not Convert FCY Posts at Exch. Rate of 31 Dec	This option is intended for mapping entries with original foreign currency rate at the opening journal entries. In practice, this means that the program ignores exchange rate entered at the end of the year and the opening journal mapped accounting entries and the exchange rate from original entries. The method allows us to obtain a technically coherent and uniform opening and closing journal, nevertheless, that we have not calculated MANDATORY EXCHANGE RATE DIFFERENCES FOR FOREIGN CURRENCY entries.
Do Not Create on Error	Option is not visible when new document is created. When user click Prepare clsr./Opng. for the first time errors (if exists) are shown. User can fix errors or unmark option Do Not Create on Error. In this case Closing/Opening will be made despite errors.