P&L Statements

[Shibani_12]

Hi there, 

I am trying to close the financial year. When I choose the last financial year will be June 

Your next financial year will be 2020, running from 01/07/2019 to 30/06/2020. I back up and finish it. 

While I was trying to print P&L statement from date 01/07/2020 to 31/07/2020. its show date error. I am not able to print. There is only three year 

This year 2019

Last year 2018 and 

Next Year 2020.

Please help me to fix it.

Thank You

[Premierjs]

Hi,

Same problem here. Let's hope for a solution soon.

[Premierjs]

Hi,

I am unable to close financial years. My current year is showing as 2019 so I am unable to run 2021 reports & it won't allow me to close a year.

[Steven_M]

Hi @Shibani_12  @Premierjs 

AccountRight 2020.3 allows for the user to run reports for the current, next and future financial year that the company file is in. You can check the financial year that the company file is in through Setup>>Company Information.

If you are in the 2019 financial year, you would be able to run those reports for 01/07/2018- 30/06/2019 (current), 01/07/2019- 30/06/2020 (next) and 01/07/2017- 30/06/2018 (previous). Should you be needing a period outside of that financial year i.e. 01/07/2020 - 30/06/2021, you would be looking at closing the financial year. This will update the financial by one i.e. you would be in the 2020 financial year. By closing that financial year you would be able to run the reports for 01/07/2019- 30/06/2020 (current), 01/07/2020- 30/06/2021 (next) and 01/07/2018- 30/06/2019 (previous).

A financial year can be closed via File>>Close a year>>Close a Financial Year. We do recommend taking a backup of the company prior to completing that screenshots.

[Shibani_12]

Hi Steven,

@Steven_M 

Thank you for your reply. 

In Company information, Current financial Year is 2019. 

I try to close that year but cannot do it.

I have follow the steps and go to close the year> its shows> the financial year you are closing is 2019, running from 01/07/2018 - 30/06/2019>> The last of the next financial year will be (i choose June), >>>> Its Shows that the next financial year will be 2020, running from 01/07/2019 - 30/06/2020.

Even though I choose different month (any from Jan to Dec) none of those option shows that my running year will be 01/07/2020 - 30/06/2021. 

Can you please advise me if there is any other way that we can close 2020?

Thank You 

Shibani 

[Steven_M]

Hi @Shibani_12 

The Close a Financial Year Assistant will only allow the user to roll one financial year at a time. For example, as you are in the 2019 financial year, the Assistant would only allow rolling into 2020. If you are needing to roll into another financial year i.e. like 2021, you would be looking at completing that financial year process once to roll into 2020, then again to roll into 2021.

In saying that, to run that Profit and Loss report you would only need to close the financial year once. This would get you into the 2020 year, with your next financial year being 2021 thus allowing that report to be run for 01/07/2020 - 30/06/2021 periods (as next financial year). You would need to close it later in the financial year/next year to run those reports for that period but it doesn't necessarily need to be run twice at this point.

[Shibani_12]

Hi @Steven_M ,

Basically you want to say that we cannot change it to 2021. Then how can we check our P&L account without changing it?

Thank You

Kind Regards

Shibani 

[Steven_M]

Hi @Shibani_12 

You can change to the financial year 2021 now if you would like. You would just need to complete the Close a Financial Year process twice.

My comment on the bottom of my previous post on this thread was to indicate that you don't have to do it multiple times. Due to the way the system and reporting works in AccountRight you just need to complete that process once. However, by all means, if you do wish to be in the 2021 financial year then complete the Close a Financial Year process twice.

Note: If you are in the 2019 financial year you would need to complete the Close a Financial Year process at least once to get into the 2020 financial year to run a Profit and Loss for periods in the 2021 financial year.