Learn How to Close Financial Year in SwilERP | Switch Financial Year in SwilERP

Close Financial Year

How To Close Financial Year in SwilERP


Meaning of Financial Year.

Generally, an accounting period is from 1st April to 31st March. Hence, on 31st March closing of the accounts is done, new books are started for the new financial year, and the balance is carried forward to the new financial year.

The close financial year is the accounting process where you clear your previous year's account balances, i.e., you start fresh again. A financial year-end is often referred to as a fiscal year-end, which is the date that ends one year for tracking business finances.

The first step is to take a data backup.

  1. For backup, go to  System > Data Backup > Daily Backup.
SwilERP Dashboard Window
Note:-  The below-given window will open; you can select a path of your backup file. In case you want to save your data backup in another path besides the default path, you can change the file's name with the current year mentioned in the name and save it.

Data Backup Window
  1. After taking the backup, follow the below-given steps. After the above process to close the Financial Year, follow the below-given steps:-
    1.  Go to  System > System Maintenance > Close Financial Year. 
SwilERP Dashboard Window
  1. To Close Financial Year follow the below easy steps:

  1. The user must tick a mark in the Select All box.
  2. After that, mark the Change Financial Year For All Users
  3. Now, press the Ok tab, and a success message will appear.

Note:- You have to close the software and login again. Your financial year has successfully changed; now, you can start your billing in the software in the new financial year.

Financial Year Close Window

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