End of Financial Year 2024 - finPOWER Connect Help Guide
Opening a new financial year:
Prior to the beginning of April (for financial year ending 31/03/2024), a new financial year will need to be opened.
Complete the following steps to achieve this:
Opening a New Financial Year 2024 – 2025
You will need to have Administrator permissions to complete this.
- Admin
- Entities
- Click on the binocular icon and select the entity by clicking on the 3 dots
- Select the edit option (pencil icon)
- Select Accounts page
On both the Account Opening Date and Transactions calendars:
- Check the “BEGIN DATE”on both Account Opening and Transactions and change to 01/03/2024
- Check the “DISBURSEMENT DATE” (if present) and change to 01/03/2024
- Check the “END DATE” on all and change to 31/03/2025
- Select the Save disc to save changes
- The last month of the previous financial year is still open for adjustments.
- This needs to be done for all entities.
- If you wish to only have one or two months open for posting, amend End Date accordingly.
Closing a Financial Year ending 31/03/2024
Following the completion of your accounts and postings for the Financial Year End 31/03/2024, you will need to close your calendars.
- Admin
- Entities
- Click on the binocular icon and select the entity by clicking on the 3 dots
- Select the edit option (pencil icon)
- Select Accounts page
On both the Account Opening Date and Transactions calendars:
- Check the “BEGIN DATE”and change to 01/04/2024 (in both Account Opening and Transactions section)
- Check the “DISBURSEMENT DATE”and change to 01/04/2024
- Select the Save disc and save changes
When you have completed your tax year this will ensure nothing further is backdated to that period