How do I close or change my Financial Year?
In Clubtreasurer there is no concept of 'Year-End Close'. For most organisations, the only thing you need to do when moving to a new financial year (or back) is to change your Financial Year-End Date
You can change your Financial Year-End date at any time by navigating to Setup>Organisation.
Clubtreasurer will automatically calculate opening and closing balances used in Reports.
Other Year-End considerations
- Accruals and Prepayments: remember to enter your end of year accruals and prepayment transactions if you are using accruals accounting. See Accruals help page
- Stock Closing Balances: if you are using Cost of Sales accounting method you should enter your closing stock balance on the last day of your financial year. See Stock Accounts help page
More about the Financial Year-End Date
Most organisations like to report their activities over a set 12-month reporting period. The Financial Year-End Date is simply the "cut-off" date that Clubtreasurer uses in many of its reports and helps you to view and compare 12-month periods.
For example, if your organisation manages its financial year from 1-Jan to 31-Dec, you would set the Financial Year-End Date to "31-Dec-20xx". Your current reporting period would now be from 1-Jan-20xx to 31-Dec-20xx.
The Financial Year-End Date also provides transaction controls. Clubtreasurer will automatically age-lock Receipt, Payment and Transfer transactions which are older than the current financial period to prevent accidental changes to prior year data. If required, these can be temporarily unlocked by changing the current Financial Year-End date.