Setting up a Fiscal Year
In re:Members, a fiscal year is the means by which accounting staff can organize all transactions in that year.
Note: An open, current fiscal year must exist to work with products, orders, create prices, manage fiscal periods, create batches, and recognize deferred revenue. A best practice is to create the next fiscal year at least 6 months before the end of the current fiscal year. If the fiscal year is allowed to end without the creation of a new one, order creation will not function.
To create a fiscal year:
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Navigate to the Accounting App > Setup > Business Unit.
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Click Edit next to the business unit.
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In the business unit, click the Setup tab > Fiscal Years menu option.
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Click the Add New Fiscal Year button.
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In the Add New Fiscal Year window:
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Select a Fiscal Year Start Date.
Note: This is the start date of the first fiscal period of the fiscal year. E.g., 01/01/2025
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Select the Number of Fiscal Periods.
Tip: The 12 Periods option should typically be used, as each period generally equates to a month.
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Click Generate Fiscal Periods.
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Click Save.
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See also: Fiscal Years & Periods