Accounting Year and VAT Periods

The Accounting Year is set during the first time startup, within the New Company Database wizard, or when creating a new company database later. At the same time you can set VAT periods. In most cases you should use the data suggested by the program.

Note! It is important that you check the accounting year and VAT period before entering any accounting data in the program. You can check this by navigating to View - Settings - Accounting and clicking the Periods tab. More information on what to do if these settings must be changed can be found below.

New Accounting Year

It is often practical to create the new accounting year in good time, and at latest before you begin to create entries for the New Year. When there are two months remaining until the accounting year is over, you will receive a reminder regarding this and be asked if you wish to create a new accounting year. If you answer Yes to this question the system will create the new accounting year for you.

Creating a new Accounting Year

Select View - Settings - Accounting.
Click New in the Periods tab.
The system suggests the first subsequent accounting year, along with VAT period. If you need to change these entries, please read the additional information in the following paragraphs.
Have there been changes to the standard VAT settings for the current accounting year? If yes, select Inherit cash VAT settings if these changes shall also apply to the new accounting year. Read more in Cash VAT.
Click OK.

The accounting year has been created.

As a general rule you should not change the suggested information. You can click View year, period and VAT period if you wish to check the accounting and VAT period.

Deviating Accounting Year

A few operate with deviating accounting years, and if you wish to setup the system for this, you can change the field Incl. (Including). You should contact your accountant before you create a deviating accounting year. You cannot have both a deviating accounting year and a normal accounting year in the same company database. If you wish to change the system you must create a new company database, and enter the opening balance.

Changing Accounting Year and VAT Periods

You need to know the first and last month of your accounting year, as well as the number of VAT-periods and when your first VAT-period starts. This information is required for your settings. If you are in doubt, please consult your Accountant.

Note! You cannot change accounting year or VAT periods if you have transferred journal registrations to the nominal ledger.

Changing the accounting year and VAT periods

Go to View – Settings - Accounting.
In the Periods tab, click Edit.
Here you are able to change the first and last month of the Accounting year, the number of VAT-periods, and the first month of your VAT-period.

In most cases, the accounting year will follow the calendar year. Read more about deviating accounting years above.

You have now changed the Accounting year and VAT periods.