This article explains how to manage fiscal years in Qoyod: adding a new year, closing and reopening periods, the daily closing process, and the actions available on a fiscal year.
Path in Qoyod
Settings › Fiscal Years
Add a new fiscal year
- From the “Settings” dropdown, select “Fiscal Years”.
- Click the “New fiscal year” icon.
- Fill in the data: fiscal year name, start date (must be the first day of a month), and the number of periods in the fiscal year.
- Click “Save”.
Managing annual periods
- Manage multiple fiscal years: to track financial performance across different periods.
- Close a period: to prevent transactions during it. Ensures data integrity during audits and financial reviews.
- Reopen a closed period: when adjustments or corrections to transactions are needed.
Daily closing process
Automatic daily closing entries
At the end of the fiscal year, automatic daily closing entries can be generated to ensure the accuracy of the financial records.
Guided closing workflow
Step-by-step guidance that walks the user through the closing process to make sure every required Journal Entry is recorded.
Actions available on a fiscal year
- View: to review the fiscal year details and its periods.
- Edit: to edit the current fiscal year details.
- Close: to close the fiscal year after all entries are recorded.
- Delete: when needed (only if it is not linked to any operations).
