Just want to clarify few things regarding the financial year closing:
Create a new Fiscal Year and set it in Global Defaults.
Closing Accounting and Stock create “Period Closing Voucher”.
Is there anything else that we need to do?
Apart from that, what are the pre-requisite for the same, like what will happen to the pending stock related transactions which are not submitted or created yet?
Like:
Purchase Receipt.
Stock Entry
Delivery Note
Purchase Order
Sales Order etc.
Also, do we need to reset the series manually (if we want)?
` Edit: When exactly, it needs to be done, 31-Mar or 1-Apr (as per Indian Financial Year)?
Apart from that, what are the pre-requisite for the same, like what will
happen to the pending stock related transactions which are not
submitted or created yet?
You should first complete all the pending transactions in the fiscal year, and then create Period Closing Voucher (PVC) entry.
If you have already created PCV, then just complete all the pending transactions, and create one more PCV after that.
Also, do we need to reset the series manually (if we want)?
`
Edit: When exactly, it needs to be done, 31-Mar or 1-Apr (as per Indian Financial Year)?
One more doubt if you may clear, as we do not use the Finance Module in ERPNext.
Oh! Perhaps then you don’t need to be worried about PCV as well )
So, what do you mean by the :
You should first complete all the pending transactions in the fiscal year, and then create Period Closing Voucher (PVC) entry.
PCV transfer the difference of Profit and Loss statement to the liability account. After this, Asset and Liability account also tally perfectly. To get this whole thing correct, you must ensure that all the financial transactions are correctly posting in ERPNext, and then only you will have Balance Sheet tallying.