You can define a default financial year in which your business is operating in. In addition, you can also define the maximum number of periods which you can create entries in the system.
Go to System/General/Settings/General settings and click the Edit icon at Period-date calendar under the Period and year control section. Next, click Settings on the General Settings screen.
This displays the lowest financial year of your administration. The lowest financial year is the earliest year created in the administration.
This displays the highest financial year of your administration. The highest financial year is the year up to which the administration can record transactions in.
Type the default financial year. The default financial is the year which will be used as the default for financial reporting. This is usually set to the current year.
Note: The default financial year must be within the range of the lowest and highest financial year.
Type the maximum entry periods within a financial year. You can change the setting of the maximum entry period. If you want to reduce the maximum entry periods, you cannot make entries in periods after the highest period. The most common maximum entry period used is 12 in which you define one month as one period.
Click this to save the settings for the default financial year and maximum entry periods.
Click this to exit without saving the settings.