Finsys ERP: The Ultimate Guide to New Year Creation and Opening Balance Updates
Indeed, the transition to a new financial year is a critical milestone for every manufacturing organization. To ensure a smooth changeover, Finsys ERP provides a robust and automated process. In this guide, we explore exactly how to create a new year and update your opening balances for both accounts and inventory.
Step 1: Performing New Year Creation
Initially, you must navigate to the core administrative settings of your system. Specifically, follow the path to System Admin within the Finsys interface. Once there, you will find the “New Year Creation” button.
Admittedly, this is a powerful feature that requires authorization. Therefore, the system will prompt you for your username and password. After confirming your credentials, the process typically takes only a few seconds to a minute, depending on your database size. Consequently, the new financial year will immediately appear in your login options.
Step 2: Updating Account Opening Balances
However, simply creating the year is only the first step. Crucially, you must carry forward your financial data from the previous period. To achieve this, follow these steps:
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Navigate to the Accounts module.
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Select the “Master Files” section.
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Click on “Update Account Balances from Last Year.”
Furthermore, if you operate multiple factories or branches, the system allows you to update them all simultaneously or one by one. By doing so, you ensure that your bank balances, outstandings, and ledgers remain perfectly synced as you close your March entries.
Step 3: Syncing Inventory and Item Balances
Similarly, your raw material and finished goods stock must be updated to reflect the new year’s opening position. Notably, Finsys ERP uses a “Click-to-Go” batch update system to maintain high performance.
To update your inventory:
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Go to the Inventory module.
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Select Inventory Masters.
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Click on “Update Item Balance from Last Year.”
As a result, the system will overwrite the new year’s opening stock with the most recent closing stock from the previous year. Indeed, we recommend performing this update every few days during the transition period as final audits are completed.
4. Why Regular Updates are Essential
Ultimately, your ERP is only as good as the data it holds. Therefore, frequent posting is necessary to maintain accuracy. Because financial year-end audits often involve late entries, the “Update Posting” feature is designed to be used repeatedly without any risk of data loss.
In conclusion, mastering the Finsys ERP New Year Creation process empowers your team to start the new year with confidence and precision. Choose Finsys to make your year-end transition seamless and error-free.
Stay Connected for More Technical Tutorials:
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Official Website: Finsys Infotech Pvt Ltd
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Watch Step-by-Step: New Year Creation Video Guide
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Latest News: Finsys Facebook Page