Description

Manage accounting years and periods from this page:

Actions

Add Accounting Year

The start date is generally the first date of the fiscal year (e.g. April 1st if the fiscal year ends March 31st). The start date must be the same across the entire SoftLedger system.

Inputs:

Year Start Date 

  • This is the date the Accounting Year will start on.
  • Consecutive years may not overlap
  • You may start the year on any day

Results

  • 12 Accounting Periods are created. One per month of the year provided
  • The first month in the period will start on the Accounting Year Start Date
  • All periods ledgers are unlocked when the Accounting Year is first created

 Delete Accounting Year

To delete an Accounting Year that has already been created, click the Red X icon on the far right in the table. You will not be able to delete an Accounting Year if any of the below is True:

  • If the Year is Closed
  • If any of the Year's Monthly Periods are Closed (or any of the Tasks for that Monthly Period)
  • If there is both a Year after and a Year before the Year you are trying to Close(i.e. you can't delete out of order)

Toggle Account Period Action

Each Accounting Period (month) has the following actions. All can be toggled locked or unlocked.

AR - Accounts Receivable Ledger

  • When locked you can no longer post journal entries to the AR sub-ledger during this accounting period

AP - Accounts Payable Ledger

  • When locked you can no longer post journal entries to the AP sub-ledger during this accounting period

Financial - Financial Ledger

  • When locked you can no longer post journal entries to the Financial sub-ledger during this accounting period

Inventory - Inventory Ledger

  • When locked you can no longer post journal entries to the Inventory sub-ledger during this accounting period
  • Inventory adjustments during this accounting period will also be in "locked" status. Meaning you cannot edit, create, or delete adjustments during this accounting period. This includes receiving from a PO and fulfilling from a SO.
  • If any production Completed/WIP journals are in-accurate, you will not be able to close the inventory ledger.

Crypto -  Crypto Ledger

  • When locked you can no longer post journal entries to the Crypto sub-ledger during this accounting period
  • Crypto Transactions during this this accounting period will be put in "locked" status. Crypto Transactions during this period will not be able to be created, edited or deleted.

FX - Revalue Foreign Currencies for the accounting period

Status - Status of the accounting period

  • When locked you can no longer toggle any other fields for this accounting period.
  • This will close out the accounting period
  • All periods must be locked to close out/lock the accounting year

 

Important Considerations

  • You can open the AR, AP, and Financial ledgers in non-chronological order, so long as the Year, Status, and FX modules are unlocked for that same Period, as below:

  

  • The Crypto and Inventory ledger will need to be opened and closed in chronological order (e.g. January, February, March, etc.).
  • To close the FX module, be sure that you have the default Forex Gain/Loss Account set in your Settings>Company and Financial>Locations.
  • The Retained Earnings booking is calculated and booked when closing the lock icon for the Year. Be sure to have the Retained Earnings default account selected in Settings>Company and Financial>Locations.
  • Your accounting periods should begin to cover the oldest transactions you plan to bring in your system (e.g. if you have transactions back to January 2019, then you Accounting Years should start from the 2019 fiscal year).
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