Create a new Fiscal Year
The periods set at Fiscal Years are displayed in Soft1 screens and reports, presenting, for example, financial data of customers, suppliers, banks and cash accounts, General Ledger accounts, trial balance etc.
Creating a new Fiscal Year can be performed with either three following ways:
- from the Company's profile card
- as a job suggested to the Login user,
- massively for all companies included in the same database.
① Create a new Fiscal Year - Company Data
To create a new Fiscal Year, follow the steps below:
- At <Years> tab, Select the Company for which the new Fiscal Year will be created and:
- fill in the data at grid's line or
- double-click on grid's line and fill in the data at the pop-up screen.
- Set the description for the New Fiscal Year and the Starts on and Ends on dates. This way, the following will be automatically created:
- the calendar periods and
- the Fiscal Year Code, which is automatically generated by Soft1 and cannot be modified by the user.
- Determine whether the specific Fiscal Year would be under the special regime of Article 39 (b)of the Greek VAT Code, regarding the obligation to keep a collections/payments file.
- Select the Chart of Accounts Schema (e.g. Soft1 ) that will be used for the specific (New) Fiscal Year.
You should decide whether upon creating the new fiscal year:
- a new Chart of Accounts schema will be used or
- the Chart of Accounts of the outgoing Fiscal Year will be used.
💡 It is recommended, per each company, to apply a common Chart of Accounts at every Fiscal Year. This way, you achieve displaying a unified statement of accounts and other reports.
💡 Any modification at a GL account's data or even the creation of a new one will be available at all Fiscal Years, regardless of the companies, for which the same Chart of Accounts Schema has been defined.
- Set your Fiscal Year to <Active: Yes>. Note that if you set it to <No> then, you cannot log into the specific company for the specific dates even if you have created the Fiscal Year.
- Set your Fiscal Year to <Locked: No> to be able to create new documents/ entries etc. Note that you can lock/block specific Soft1 entities and/or modules.
- At <Series numbering brought fwd>, set whether upon creating a New Fiscal Year, your documents (especially for those having auto-numbering):
- will transfer/continue the numbering of the previous Fiscal Year. For example, if you have created your last Invoice on 30/12/2020, no. 555 (INV0000555), the first invoice of the new year will receive the number 556 (INV0000556).
- or restart numbering (recommended).
💡Read more at Series Numbering (see below)
- Finally, click <Save>, to create the new Fiscal Year.
②Create a new Fiscal Year - Login User
Once the user attempts to log into a company for which no Fiscal Year has been defined, the system suggests creating one.
To activate such option you can
- activate the 'Automatic creation of Fiscal Year' parameter (Parameters menu > Users & Rights > Parameters),
- attempt to log into a company for which no Fiscal Year has been defined.
- fill in the Description for the New Fiscal Year (Accounting or/and Payroll), set the Starts on and Ends on dates and select the Chart of Accounts Schema (e.g Soft1 Standard) that would be used for the specific (New) Fiscal Year.
- click <Save> and locate the data,
- of the new Fiscal Year at Parameters menu > Companies > 'Years' tab.
- of the new Payroll Year, provided that your employees' payroll is calculated by Soft1 (Parameters menu> HR & Payroll> Master tables > Payroll Years - Periods)
- At the New Fiscal Year, your documents' numbering will begin from one (1). Click on 'Years' tab, of the company you wish to work on, to set the rest of the parameters.
- You can create the new Payroll Year whenever you wish (Parameters menu > HR & Payroll> Master tables > Payroll Years - Periods)
③ Create new Fiscal Year (Mass import)
You can create a new Fiscal Year in Soft1, both Financial and Payroll (provided that your employees' payroll is calculated by Soft1), massively for all companies included in your Soft1 installation.
Create new Fiscal Year (Mass import)
Find the job at Financials menu > Business Operations > New Fiscal Year jobs
Create new Payroll Fiscal Year (Mass import)
Provided that you have many companies included in your database, along with the Soft1 Default Company, you have to create a new fiscal year first at Default Company. This is required so as to properly transfer the Fiscal Statements values (e.g.VAT Periodic Statements) found at GL accounts.
Find the job at Financials menu > Business Operations > New Fiscal Year jobs.
- select the Companies for which the New Fiscal Year will be created.
- fill in the Fiscal Year's description and set the Starts on and Ends on dates.
- fill in the additional Payroll periods, if there are any, that will be used to calculate the payroll. For example, employees' bonus.
- The code of the additional periods should be greater ( >) 16.
- The additional periods may be set later.
- click<Save> to locate the data of the new Fiscal Year at Parameters menu > HR & Payroll > Master Tables.
Fiscal Year Change
Soft1 keeps unified files for all Fiscal Years thus the process of Fiscal Year Change does not require any particular preparation or creation of a new files set. Nevertheless, it is required:
- to create a new Fiscal Year (e.g. 2021),
- to run a set of jobs in Soft1, such as Physical Inventory and Inventory Balances brought fwd, as many time as it is required to finalize the stock balance.
- to design Accounting scenarios, in order to transfer the GL accounts' balance:
- to profit and loss accounts (Soft1 job: Fiscal Year Change - Accounting Closing Entries
- to the next Fiscal Year (Soft1 job: Fiscal Year Change - Accounting Opening Entries)
For Trading parties' balance, (debit or credit), it is not required any Soft1 action since the indications Previous & Next Balance are available at their Financial data and at a number of reports/ statements as well.
Document Series Numbering
You have the following two (2) options regarding the documents' numbering, after changing the fiscal year. These are:
- to restart numbering from one (1) - recommended. For example, if you have created your last Invoice on 30/12/2020, no. 555 (INV0000555), the first invoice of the new year will receive the no. 1 (INV0000001). This means that you are allowed to create documents in both new and previous Fiscal Year.
- to continue Previous Fiscal Year's numbering or bring it forward. In other words, if you have created your last invoice on 31/12/20, no. 555 (INV0000555) then, the first invoice of the new year, shall receive no. 556 (INV0000556).
The <Series numbering brought fwd> parameter, located at 'Years' tab, is responsible for whether to continue Previous Fiscal Year's numbering or not.
If you choose to continue Previous Fiscal Year's numbering or bring it forward, make sure you that you have created all the necessary documents up to the last Fiscal Year date (e.g. until 31/12/2020). Otherwise, if you use the same Doc series for creating documents at both Fiscal Years (Previous & New one) then a warning message is displayed.
Document Series Numbering brought fwd - Job
Use the Document Series Numbering brought fwd job (Parameters menu > Companies) if you need to restore your documents' numbering.
If you activate the 'Delete numbering' parameter, documents' numbering will start from 1 (one). Otherwise, they continue Previous Fiscal Year's numbering.
- Login to the New Fiscal Year.
- Select the Modules, for which the Document Series Numbering, will continue/ be brought fwd to the New Fiscal Year.
- Click Run to complete the process.
- Fill in the grid by selecting the Modules and Series for which the numbering will restart.
- Set the 'Delete numbering' parameter to <Yes>.
- Click Run to complete the process.
⑴ If you wish, for some Documents Series, to continue Previous Fiscal Year's numbering, while for others to start the numbering from one (1) then you:
- can run the Document Series Numbering brought fwd job, without activating the 'Delete numbering' parameter (step 1 to 3) and then,
- instead of following the 4 to 6 steps, type manually one (1) at those Series that need to restart their numbering.
The 'Document Series Numbering' table is available for all Modules at the Parameters menu.
⑵ If the new Fiscal Year has been created prior to the end of December, for example, during mid-November or December, and 'Documents series numbering brought fwd' parameter has been activated, you should be aware of the following:
In case your last document, on 31/10/2020, has Doc. no. 555 (INV0000555), and from November to December reached no. 859 (INV0000859) then, for having Doc. no. 860 at the New Fiscal Year, you should act as follows:
- Before creating the first document for the new Fiscal Year, login to it, and
- Run the 'Document Series Numbering brought fwd' job.
- the first invoice of the new year will receive the no. 1 (INV0000001). This will lead to having no. 860 for the first created document at the New Fiscal Year.
⑶ If the new Fiscal Year has been created prior to the end of December, for example, during mid-November or December (solely because you need to create Production documents, Forecasts etc. for the New Fiscal Year), you should be aware of the following:
In case the 'Documents series numbering brought fwd' parameter had been activated, and from November to December reached no. 859, you need to restart numbering for those Doc Series from 1 (one) (see above case 2).
⑷ If you need to create documents in both fiscal years, then it is recommended to start the new fiscal year's Doc Series numbering from (1) one. This way, you may continue creating documents in both previous and New Fiscal Year.
⑸ If documents have been created at the new Fiscal year and you need to delete them, remember to check their Series numbering because for certain Series the system does not go back to the starting point. You can check this through Document Series Numbering table (for every Module at Parameters menu).
You need to restore the numbering either starting from 1 (one) (if 'Delete numbering' is activated) or from where the previous fiscal year's documents numbering has ended (if 'Delete numbering' is not activated).
If more than one Fiscal Years exist in a single Company, the users always work at the Fiscal Year of the login date. In other words, the date they set upon login to Soft1.
If there are no restrictions, the users have access to all Fiscal Years' documents regardless of the login date and therefore, regardless of the fiscal year they work at.
The Soft1 login data are displayed at the System bar (Company, Branch, login date, Payroll period and login user). If you click on the login date then the login screen will be displayed focusing on the login date field etc.
The required fields are the Fiscal Year, the Code, and the Period (Starts on & Ends on). Nevertheless, in case you miss to fill in any of them, a warning message will be displayed. For example, "Enter data in the following fields: Year, Code, Period".
You have to zoom/click on at the line of each Fiscal Year.
If upon running the 'Documents series numbering brought fwd' job the following message is displayed: <Field "Year" already exists>, it means that documents have been already created at the New Fiscal Year.
If a Fiscal Year is locked and you try, for example, to post a document, run a job etc, a respective message will be displayed. Check if you need to unlock the Fiscal Year at 'Years' tab (Companies).
It is displayed upon login to Soft1. If necessary, create a new Fiscal Year:
- Login to Soft1 on a previous date/ year for which a Fiscal Year has been set or to a different Company where you can log in on the specific date.
- From Soft1 Parameters menu, select the Company and at <Years> tab fill in the data of the new Fiscal Year.
- Relogin to Soft1 on the desirable date.
It is displayed upon creating a new Fiscal Year. This means, that there are period gaps between the Fiscal Years. For example, in case you have created a Fiscal Year for the period of 01/01/2020 - 31/12/2020 and then attempting to create a new one for the period of 01/02/2021 -31/12/2021.
You cannot work on a locked Fiscal Year, at least until it is unlocked. In case you try to create a document to a locked Fiscal Year, the following warning message will be displayed: "This fiscal year is locked. New entries cannot be created". Documents Open-item job is excluded.
To create an over 12-month Fiscal Year, at a new installation, (for example, 01/05/2012 - 31/12/2013), you have to delete the Fiscal Years suggested by the standard configuration. Then you can set your Fiscal Year. If you need to create Op. balance entries (and therefore a previous fiscal year), then you should create an additional Fiscal Year, namely, 01/01/2011-30/04/2012 to avoid period gaps.