How to Update a Fiscal Year

Step 1: Select the administration

You create fiscal years per administration. The management of the fiscal years of your administrations is done within the Administration module. Search and select the correct administration on the module's homepage.

Step 2: Select the fiscal year transition

To align the opening balance of the new fiscal year with the closing balance of the previous fiscal year, there is an option available through the Update Fiscal Year

Step 3: Determine what you want to update

With 'Update Opening Balance' and 'Update Hour Balance,' you only update the balances. This can be done multiple times and also at a later time during the year.

For the other update options, the process settings are copied one-to-one from one fiscal year to another. If you update the fiscal year again, the adjustments made in the new fiscal year will be adapted to the settings of the previous fiscal year.

Step 4: Update the fiscal year

Click OK. The fiscal year will then be updated immediately.