The Fiscal Year end process - what should you know and do?

A financial year refers to the period of time (year) reckoned for accounting and taxing purposes. Based on your financial year, there are several changes introduced in the Automation Platform with the purpose of updating the data per the new year financial year. This includes recommended changes in Invoice number, Receipt number, Order number, Payment Gateway number and Tally settings. 

Suppose, if your financial year is from 1st April 2019 to 31st March 2020, we recommend that you perform the following changes in “Fiscal Year Activity” before 1st April 2019.

You can perform the new financial year settings in the automation platform: 

Fiscal Year Settings 

• Go to Home. 
• Click on Settings icon (gear icon) at the top the screen. 
• Select Fiscal Year Activity under the Billing section. 

This will open a new section. Here, you can update the order, invoice, payment gateway and receipt number based on the new financial year. 

- Set company's new fiscal year in the Next Financial Year Section. (For ex: 01/04/2019 to 31/03/2020) 

- Set the order format and enter the order number (from where you want to start the sequence of the new orders.) Similarly, you can also set the Invoice Number, Receipt Number and Payment Gateway number. 

- Click on Save once done. 

Refer the screenshot below: 

Tally Settings

As the financial year in the automation platform for your company changes, you will need to update Tally to the new financial year. You can manage the Tally Integration Setting from here.