Financial Year Closing

Hello Everyone,

Just want to clarify few things regarding the financial year closing:

  1. Create a new Fiscal Year and set it in Global Defaults.
  2. 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:

  1. Purchase Receipt.
  2. Stock Entry
  3. Delivery Note
  4. Purchase Order
  5. 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)?

Regards
Ruchin Sharma

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)?

Yes.

@umair

One more doubt if you may clear, as we do not use the Finance Module in ERPNext.

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.

Apart from that, when it is to be done, 31-Mar or 1-Apr (as per Indian Financial Year)?

Regards
Ruchin Sharma

Hi All,
May anyone clear my doubt about the pending transactions for closing Financial Year.

As we do not use the Finance Module in ERP, I hope it must be related to Stock only.

What if, I do not complete my stock related transactions, say:

  1. Stock Entry Saved but not submitted.
  2. Material Request for Stock Transfer created but Stock Entry has not been created.
  3. PO Raised but Purchase Receipt not made.
  4. Delivery Note prepared but not submitted.

Apart from that when exactly it needs to be done, 31-Mar or 1-Apr (as per Indian Financial Year).

Regards
Ruchin Sharma

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.

Thanks a lot @umair

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