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:

  1. Open Back Office.
  2. Go to the Settings section or press Alt + S.
  3. Select Financial Year under the Accounts section.
  4. Enter the financial year name.
  5. Choose the Start Date and End Date.
  6. Click Save to confirm.

Once saved, all transactions within that range will be recorded under the defined financial year for accurate reporting. Financial Year

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

Watch the tutorial