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how-to-change-financial-year-in-accounting-billing-software/
I will guide you about Financial Year also called as Fiscal Year which is a period used for calculating Annual or can say like Yearly financial statements in businesses and other organizations. As we all know that Accounting and Billing software plays an important role in any kind of business.
In India, Financial year of every business closes on 31st March. From 1st April, businesses maintain seperate books of accounts for next year. However, financial years vary between businesses and countries. In Accounting and Billing ERP software you can change financial year of your business in a very few steps.
In Digit24 Accounting & Billing ERP Software, you will be able to easily maintain your all day by day accounting cum inventory and billing details. You can also able to apply different kind of direct and indirect taxes. Here you will be able to easily create new financial year in active Company of Digit24 Accounting & Billing Software.
Financial Year
Change Financial Year
How to change Financial Year
Change Financial Year in Accounting & Billing Software
How to Change Financial Year in Accounting & Billing Software
Financial Year in Billing Software
Financial Year in Accounting Software
Most of the person and Businessman have to create New Financial Year after ending the previous financial year. During creating the new financial year, Here you have to face different kind of difficulties like :
How to put opening balances as closing balances for last year are not available at this moment ?
After Creating New Financial Year, If we make any changes in last Financial year, will it come in new Financial Year ?
What to do with those ledgers which are not going to be used in next year ?
How to get rid of last years mistakes or errors ?
Why Customer’s and supplier’s GST numbers are not visible in new financial year ?
How to include inventory in this year’s books ?
The better solution is that Whenever you get your company balance sheet finalized after entering the closing transactions just split the company on 31st march and go for next New Financial Year. This way you would automatically get the opening balances of the all ledgers and there would be no difference in opening balances.
The best part of Digit24 Accounting & Billing ERP Software is that if you have changed the Financial year, now there are 2 different companies that appear in Digit24 software. Last year Closing Balances have transfered in new year as opening balance. If you make any changes in last Financial year, then it will come in new Financial year.
Yes, you can make any changes in previous year and refresh your opening balances in new year anytime. To refresh your balances, Open new year company. Click [ Masters ] then select [ Opening Balance Editor ]
CONCLUSION : Financial Year also called as Fiscal Year which is a period used for calculating Annual or can say like Yearly financial statements in businesses and other organizations. Here you will be able to easily create new financial year in active Company of Digit24 Accounting & Billing Software.
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