Description
Create fiscal years within SoftLedger to manage monthly periods within each year between each module (e.g. AR or AP) in SoftLedger.
Manage accounting years and periods from this page:
Actions
Add Accounting Year
The start date is required to be the first date of the fiscal year (e.g. April 1st if the fiscal year ends March 31st). The start date must be the same across the entire SoftLedger system:
This is the date the Accounting Year will start on.
Consecutive years may not overlap
Results from entering Start Date:
12 Accounting Periods are created. One per month of the year provided.
The first month in the period will start on the Accounting Year Start Date
All periods ledgers are unlocked when the Accounting Year is first created
Delete Accounting Year
To delete an Accounting Year that has already been created, click the Red X icon on the far right in the table. You will not be able to delete an Accounting Year if any of the below is True:
If the Year is Closed
If any of the Year's Monthly Periods are Closed (or any of the Modules for that Monthly Period)
If there is both a Year after and a Year before the Year you are trying to delete (i.e. you can't delete out of order)
Toggle Account Period Action
Each Accounting Period (month) has the following actions. All can be toggled locked or unlocked:
AR - Accounts Receivable Ledger
When locked you can no longer post journal entries to the AR sub-ledger during this accounting period
AP - Accounts Payable Ledger
When locked you can no longer post journal entries to the AP sub-ledger during this accounting period
Financial - Financial Ledger
When locked you can no longer post journal entries to the Financial sub-ledger during this accounting period
Inventory - Inventory Ledger
When locked you can no longer post journal entries to the Inventory sub-ledger during this accounting period
Inventory adjustments during this accounting period will also be in "locked" status. Meaning you cannot edit, create, or delete adjustments during this accounting period. This includes receiving from a PO and fulfilling from a SO.
If any Completed/WIP journals are in-accurate, you will not be able to close the inventory ledger.
Crypto - Crypto Ledger
When locked you can no longer post journal entries to the Crypto sub-ledger during this accounting period
Crypto Transactions during this this accounting period will be put in "locked" status. Crypto Transactions during this period will not be able to be created, edited or deleted.
Forex - Remeasure Foreign Currencies for the Accounting Period
See this article for more information: Remeasure Forex
Status - Status of the accounting period
When locked you can no longer toggle any other fields for this accounting period.
This will close out the accounting period
All periods must be locked to close out/lock the accounting year
Important Considerations
You can open the AR, AP, and Financial ledgers in non-chronological order, so long as the Year, Status, and Forex modules are unlocked for that same Period.
The Crypto and Inventory ledger will need to be opened and closed in chronological order (e.g. January, February, March, etc.).
To close the Forex module, be sure that you have the default Forex Gain/Loss Account set in your Settings>Company and Financial>Locations.
The Retained Earnings booking is calculated and booked when closing the lock icon for the Year. Be sure to have the Retained Earnings default account selected in Settings>Account
Your accounting periods should begin to cover the oldest transactions you plan to bring in your system (e.g. if you have transactions back to January 2019, then you Accounting Years should start from the 2019 fiscal year).