[Sticky] How do I close or change my Financial Year?

How to Change Your Financial Year

In Clubtreasurer, there's no formal "year-end close" process. To move to a new financial year or go back to a previous one, you simply update your Financial Year-End Date.

Changing the Financial Year-End Date

1. Navigate to Setup > Organisation.

2. Change the Financial Year-End Date to the desired date.

Clubtreasurer will automatically calculate the correct opening and closing balances for your reports based on the new date.

Key Year-End Considerations

Depending on your accounting practices, you may need to take a few extra steps at the end of your financial year.

Accruals and Prepayments

If you use accruals accounting, remember to enter your end-of-year accrual and prepayment transactions. For more details, see the Accruals help page.

Stock Closing Balances

If you use the Cost of Sales accounting method, you should enter your closing stock balance on the last day of your financial year. Refer to the Stock Accounts help page for guidance.

Understanding the Financial Year-End Date

The Financial Year-End Date is a "cut-off" date that Clubtreasurer uses to define a 12-month reporting period. This date helps you view and compare financial data from one year to the next.

For example, if your financial year runs from January 1st to December 31st, you would set your Financial Year-End Date to "31-Dec-20XX". Your current reporting period would then be from January 1st to December 31st of that year.

This date also serves as a transaction control. To prevent accidental changes to prior year data, Clubtreasurer automatically age-locks Receipt, Payment, and Transfer transactions that are older than the current financial period. If necessary, you can temporarily unlock these by changing the Financial Year-End Date.