It’s the start of the new accounting year! It’s April 1, 2021. Before you start your business this year, Output Books wants you to follow some steps that will make your billing better.
The steps to be done at the start of a new accounting/financial year are:
- Set up Serial number for the new financial year
- Import Opening Balance
- Start creating transactions
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Set up Serial number for the new financial year
On April 1, 2022, you will find that new accounting year(2022-2023) is added under Settings > Serial number > Year drop-down automatically.
By default, serial number for all modules will be set as 1 for the new accounting year.
Modify the auto-generated serial number for the new financial year
- Click on the Edit option next to the year drop-down.
- Set the mode as “Manual” or “Auto” for serial number.
- Edit the Prefix & Suffix for each module based on the new accounting year’s sequence.For instance, if you have been using INV1/20-21, you can edit it as INV1/21-22.
- Click Save.
Import Opening Balance
It is mandatory to import your previous financial year’s closing balance to the current financial year as opening balance. This is how you reimport:
- Go to Accounting module and open the Opening Balance option.
- Choose the current financial year from the year drop-down present there.
- Click on the Import button. This will import your last financial year’s closing balance as this financial year’s opening balance.
Understanding Serial Numbers – Click Here
Understanding Opening Balance – Click Here
Start creating transactions
Everything to start the new financial year(2021-2022) is ready now. Start creating invoices now!
Let this financial year yield a higher profit for all of us!
