Financial Year
In O2VEND Back Office, the Financial Year section helps record and monitor all financial transactions for an organization within a specific period. Setting up the financial year accurately ensures proper accounting, reporting, and performance analysis.
A financial year defines the start and end dates for recording sales, purchases, income, and expenses. Once set, these dates are used to generate reports such as Balance Sheets, Profit & Loss Statements, and Cash Flow Statements.
After defining a financial year, changes cannot be made until it is formally closed. This process ensures that all transactions for the current year are complete and verified before opening a new one.
Create a Financial Year
Follow these steps to create a new financial year:
- Open Back Office.
- Go to the Settings section or press Alt + S.
- Select Financial Year under the Accounts section.
- Enter the financial year name.
- Choose the Start Date and End Date.
- Click Save to confirm.
Once saved, all transactions within that range will be recorded under the defined financial year for accurate reporting.
Example
Example:
- Financial Year: 2024�2025
- Start Date: 01-Apr-2024
- End Date: 31-Mar-2025
Purpose
The financial year setup helps:
- Maintain consistent reporting periods.
- Analyze yearly performance.
- Ensure accounting compliance.
- Generate accurate financial reports.
Video Tutorial
