How to process financial year?

Financial year-end processing helps reconcile all transactions, ensuring that no transaction is overlooked or missed. This process ensures that all records are accurate and complete, providing a clear and comprehensive overview of the society's financial status for the year.

Please follow the below steps to initiate the financial year-end processing:

1. Go to settings, and select Financial Year. 

2. Under the box "Financial year-end processing", select “the financial year (e.g., 2023-2024)” from the dropdown menu > Click on “Process”. 

Important Note: 

1) During this process, all the closing balances will be carried forward to the next financial year as opening balances.

2) Dues will automatically reflect in the next financial year and it doesn’t require any manual intervention. 

3) The above process has to be repeated whenever there are any changes made in the previous financial year. In such cases select the year where changes are made and do the process (Step 1 above) in chronological order and repeat till the current financial year.

4) It is not recommended to make changes in the years before FY 20-21. 

5) Non-Member and Member modules are merged starting from FY 23-24. All data will be visible under the Accounts -> Dues page.