As the new financial year approaches, is there any process that needs to be done from the society admin's side?

As the new financial year begins, it is important to ensure that the financial records are properly closed and transitioned into the new period. On April 1st, the Financial Year-End Process (FYEP) will be automatically run from our backend. This process will finalize the society's accounting data for the previous financial year, ensuring that all transactions are reconciled and the closing balance for the prior year is accurately carried forward into the new financial year.

However, if any changes are made after the FYEP is completed (such as updates to invoices, payments, or adjustments), the society admin will need to manually re-run the FYEP for the last financial year. This ensures that all subsequent changes are properly accounted for and the records remain consistent and accurate.

By following this process, the admin ensures a smooth transition between financial years, with no overlooked transactions or discrepancies in the financial data.

To understand the steps to initiate the financial year-end processing, please refer to the FAQ Link: https://adminfaq.mygate.com/articles/129843-how-to-process-financial-year