Fiscal Year

A Fiscal Year is used to record and report the transactions for the year.

It is often referred to as a budget year or a financial year. It is employed in businesses and other organizations to compute financial accounts. A fiscal year might or might not correspond to a calendar year.

Depending on the jurisdiction, businesses can opt to file their taxes using either the calendar year or the fiscal year. Such reports are required by regulatory regulations governing accounting and taxation in several jurisdictions once every 12 months. The time frame need not, however, be a full calendar year (that is, 1 January to 31 December).

Typically, a fiscal year begins on April 1, July 1, or October 1 of each year. However, the fiscal year for the majority of businesses also corresponds with the calendar year, which begins on January 1. It is generally simpler and easier that way. There are benefits to starting the fiscal year at a different time for some firms.

For instance, seasonal enterprises may begin their fiscal year on July 1 or October 1. A company may decide to begin its fiscal year on October 1 if the majority of its revenue comes in the fall and the majority of its expenses come in the spring. They will be able to alter their spending to preserve their desired profit margins because they would know their income for the coming year.

Go to: to see the Fiscal Year list.

Home > Accounting > Setup > Fiscal Year

1. How to set up Fiscal Year

1. Go to the list of Fiscal Years.
2. Click the Set as Default button to make the Fiscal Year the default value.
3. If more than one company is using the same fiscal year, you can add it like in the screenshot below:

Note -

1. Every year, at the conclusion of the current fiscal year, a new fiscal year should be established. Geer ERP now automatically creates new fiscal years before they start.

2. The system checks to see if a new fiscal year for the following year has already been created three days before the current fiscal year ends. If not, the system establishes a new fiscal year automatically.