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:

1. Navigate to the Accounting App > Setup > Business Unit.

2. Click Edit next to the business unit.

3. In the business unit, click the Setup tab > Fiscal Years menu option.

4. Click the Add New Fiscal Year button.

5. In the Add New Fiscal Year window:

   1. 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

   2. Select the Number of Fiscal Periods.

      Tip: The 12 Periods option should typically be used, as each period generally equates to a month.

   3. Click Generate Fiscal Periods.

   4. Click Save.

See also: Fiscal Years & Periods