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Financial Year

The Financial Year section in Financial Settings defines the organization’s accounting period, date formats, and discount handling rules. These configurations are essential for preparing accurate financial statements, ensuring compliance with local accounting standards, and aligning business reporting with regulatory requirements.

Purpose​

The Financial Year settings allow businesses to:

  • Define the start date of their fiscal year.
  • Standardize the date format across all modules.
  • Set up discount handling and positioning for invoices and reports.
  • Ensure consistency in financial reporting across the system.

Fields in Financial Year​

  • Financial Year Start Defines the starting date of the organization’s fiscal year. For example, if the year begins on 01/01/2024, all accounting transactions will be tracked from that date.

  • Financial Year Denote Determines how the financial year is labeled in reports (e.g., “By the year in which it begins” or other formats).

  • Preferred Date Format Specifies how dates are displayed across the system (e.g., 31 Dec 2017, YYYY-MM-DD). This ensures uniformity in documents and records.

  • Preferred Date Separator Defines the symbol used to separate day, month, and year (e.g., Dash -, Slash /).

  • Percent Position (%) Determines how the percentage symbol is displayed in reports (e.g., After Number → 10% or Before Number → %10).

  • Discount Location Sets where discounts are applied in invoices:

    • At line: Applied to individual items.
    • At total: Applied to the overall invoice total.

Actions​

  • Select the fiscal year start date according to local compliance and reporting standards.
  • Choose the preferred date format and separator for consistency.
  • Configure discount handling to match business practices (line-level vs total-level).
  • Save settings to apply across all accounting and reporting modules.

These settings ensure that financial data is properly aligned with the organization’s accounting practices, regulatory requirements, and user preferences for clear reporting.