Edit Financial Year and Period

Menu Path: Accounting > Maintenance > Configuration > Edit Financial Year and Period 

• Click on the Edit Financial Year and Period button. 

• The following interface will be navigated.

• Select the Company and click the Set Company button.
• Select the Financial Year and click Submit.
• Ensure that the Auto generated Retained Earnings field is ticked. 
• Upon clicking the last Submit button, the following sample image will be displayed. 

Function: 

1. (Tick) Auto generated Retained Earnings: To transfer Profit or Loss for the period to Balance Sheet Account (Replacement of Month End Processing function)
2. Update monthly period description
3. Update Quarter : Q1, Q2, Q3 and Q4 : Allow to view Profit and Loss Statement by Period; Balance Sheet by Period
4. Lock monthly period transaction (Selection of OPEN, LOCK GL, LOCK TXN, LOCK ALL). 
5. Click the Update button.

Different on Type of Lock:

1. OPEN 

• When the Financial Year is "OPEN" Status → any user allowed to create transaction for that Financial Period
• It is recommended to lock the financial year after Audit is completed, as this might cause discrepancy on the Financial report or Tax report to submission

2. LOCK GL

• When Financial Year is "Lock GL" Status → any user is not allowed to create  Manual Journal Transaction

3. LOCK TXN

• When Financial Year is "Lock TXN" Status → any user is not allowed to create or perform any Sales or Purchase transaction

4. LOCK ALL

• When Financial Year is "Lock ALL" Status → any user is not allowed to create ALL transactions which include manual journal