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14.2 Changing Financial Year

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14.2 Changing Financial Year

Changing financial year in BUSY is a very simple process. At the end of the financial year when you need to carry forward entries to next financial year then you have to click the Change Financial Year option and further select the New F.Y. From XXXX option. On selecting this option, all the entries will be carried forward to next financial year.

To change financial year, click Administration à Change Financial Year option. If you are changing financial year for the first time then on clicking the Change Financial Year option, only one option of New Financial Year From 01/04/XXXX appears. Given here is a screenshot of Change Financial Year menu if you are changing financial year for the first time.

Figure 14.2 Change Financial Year Menu

If you have already used this menu option to change a financial year then on clicking the Change Financial Year option, different options will be available for either switching back to a previous year record or switching to a new financial year. Given here is a screenshot displaying different options of Change Financial Year menu if you have previously used this option.

Unit 14 – Year-end Process 281

Figure 14.3 Change Financial Year Menu

Different options in Change Financial Year menu are:

F.Y. Year From – 01-04-XXXX

New Year From – 01-04-XXXX

Let us discuss these options in detail.

F.Y. From – 01-04-XXXX

Select this option if you want to switch to a previous financial year. There can be various reasons for which you want to switch to a previous financial year such as to check any entry, to modify a record and so on. To switch to a previous financial year, click the F.Y. From – 01/04/XXXX option, provided under, Change Financial Year menu. On clicking this option, a Change F.Y. message box appears asking for your confirmation to change the financial year. Click Yes button in the message box, if you want to switch to the previous financial year otherwise click No button in the message box.

Once you have switched to a previous financial year and made the required changes in it, click the F.Y. from – 01/04/XXXX option to switch to the current financial year. If you have made some changes in the previous year’s records then while switching to current financial year, a Carry Balances message box appears asking your confirmation to carry forward the balances to the current financial year. Given here is a screenshot of Carry Balances message box.

Figure 14.4 Carry Balances Message Box

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Click the Yes button in the message box to carry balances to the current financial year. On clicking the Yes button in the message box, a Carry Balances message box appears asking you to carry forward balances of all the Masters or only those Masters in which any change has been made. Given here is a screenshot of Carry Balances message box.

Figure 14.5 Carry Balances Message Box

In the message box, there are two options. The options are:

All Masters – Select this option if you want to carry balances of all the Masters.

New & Changed Masters – Select this option if you want to carry balances of only those Masters in which some changes have been made.

On selecting either of the option, a Bank Reconciliation message box appears. This message box appears if you have enabled the Bank Reconciliation feature in Features / Options and in any Bank account, you have more than 50 percent of the entries for which clearing date has not yet entered. If you click the No button in the message box then the un-cleared entries carried forward previously will also get deleted. Otherwise, if you click the Yes button then all the un-cleared entries of the previous year will be carried forward to the new financial year.

New Year From 01/04/XXXX

Select this option if you want to switch to a new financial year. On clicking this option, a Create New F.Y. message box appears. Click the Ok button in the message box to switch to a new financial year. On clicking the Ok button, a Change Financial Year window appears displaying different actions that will be taken at the time of changing a financial year. Given here is a screenshot of Change Financial Year window.

Unit 14 – Year-end Process 283

Figure 14.6 Change Financial Year

Click the Start button to start the process of changing financial year.

While changing financial year, a Bank Reconciliation message box appears. Click the Yes button in the message box, if you want to carry forward un-cleared entries to next financial year. Otherwise, click the No button.

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