Typically a business will perform a Financial Year End once per Taxation Year. This does not mean a Calendar Year! In System Five, your business year can be any 12 month period, but cannot exceed 12 months.
System Five will prompt or show you one of these messages when you are about to start a new financial year.
It is likely that you already have a fiscal year-end selected for your business, enter the appropriate start and end months. Go to Setup Tools - Setup Wizard - General Accounting - Financial Year - then enter the year and month as shown in the figure below:
Entering months far into the future is not recommended as this opens the door for employees to enter data into future years accidentally.For financial procedures, see Year-End Procedure
For book month, watch this short video, it will ask you to login to the Windward Learning Academy to be able to view it.
