Year-End Transition

Ahead of year-end transition, preparations should be made in advance and the relevant data should be defined in the system according to the type of accounting the organization uses: single-year or multi-year

Single-year accounting

Make sure that the current budget ends at the end of the year

A new budget must be opened in the system, while defining all relevant data

After creating the budget and defining the baskets, the new budget should be activated

Open purchase orders can be transferred from the previous year’s budget to the new year’s budget by using budget update for a purchase order

Multi-year accounting

The budget end date must be updated in the budget edit screen to the end of the new year

Open orders in multi-year accounting

The issue with orders that remain open at the end of the year is that their invoices will be recorded in the next year and will use the next year’s budget instead of the current year’s budget

To deal with this issue, the expense can be recorded under an accrued expenses item.