With Reviso you can manage your accounting years. You can create new accounting years, block periods, close accounting years, or even reopen them if you forgot about an entry.
Take a look at the following video tutorial....
How to create a new accounting year
Just go to the Settings > All Settings > Finances> Accounting years.
At the top of the screen you can see an option New accounting year. Click on it and fill in the required information.
Click on Save and the accounting year is created. Now you can start entering invoices and entries relevant to the accounting year.
You can create as many accounting years as you need, but keep in mind that the accounting years must be correlative. You will not be able to create an accounting year at a later stage if there is one already closed regarding the next period.
Barred accounting periods
When you create an accounting year, it is automatically divided into monthly periods. You can check the accounting periods by clicking on the icon on the right stating Periods.
Once you access the periods, you will see a complete list of the corresponding months. Additionally, you might notice a column labelled Barred.
The barred periods give you the possibility to block the entry of records. Reviso will not allow you to create invoices or entries within those dates or excluded periods. This helps to avoid accounting errors. For example, if you have already reported monthly or quarterly figures you can closed down a period or periods to avoid any further transactions being posted into those months, then you need to check the barred box.
The Status column still states Open, since the accounting year is open. The entry of records was blocked only for some dates, but the accounting year remains open.
How to close an accounting year
Once you finished entering all records of your accounting year, Reviso does the closing for you. Reviso automatically creates regularization for the fiscal year to be closed as well as the corresponding opening entry for the next new fiscal year.Before closing your accounting year, you must create the next accounting year.
In order to close the accounting year, go to the icon on the right side of the accounting year stating Close.
Once you select Close, a summary of all your income and expenses shows up as well as the opening entry for the next accounting year. Please note that you can only close your accounting year when all the entries for that year are booked. It will not be possible to close an accounting year either if there is a previous one that is still open.
Reopening an accounting year
If you need to add some information or make corrections to your closed accounting years, it is possible to reopen them anytime.
Once you access your accounting years, click on the icon on the right side called Cancel closing.
Once you cancel closing of your accounting year, Reviso eliminates the automatically created closing and opening entries that were established when the year was closed. Once you reopen the accounting year, you can enter all the records you need and then close it again when finished. The automatic entries will be generated again. You can reopen your accounting years as often as you need.