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  3. Is it mandatory to complete the Financial Year-End Processing (FYEP) before generating invoices for the next financial year?

Is it mandatory to complete the Financial Year-End Processing (FYEP) before generating invoices for the next financial year?

Yes, it is important to complete Financial Year-End Processing (FYEP) before raising invoices for the next financial year. Running FYEP ensures that all financial records, including pending dues, balances, and outstanding invoices, are smoothly transitioned from the previous year to the new financial year.


Why Should You Run FYEP Before Raising Invoices?

Completing FYEP before generating new invoices is crucial for the following reasons:

  1. Accurate Transition of Financial Records – FYEP carries forward the closing balances, pending invoices, and adjustments from the previous financial year to the new one.

  2. Correct Dues and Advance Balances – Running FYEP ensures that residents' outstanding dues, advance payments, and pending invoices are reflected correctly in the new financial year’s records.

  3. Avoid Discrepancies in Financial Reports – If FYEP is not completed, the system may not display the correct financial status, leading to incorrect dues, payments, or reports.

  4. Smooth Accounting Operations – Completing FYEP before raising new invoices helps maintain a structured financial flow without any inconsistencies in billing.