Creating your Accounting Periods

Before starting

If you haven't yet, check this article to learn the basics about Accounting Periods.

In this article we will cover the following topics:

• Create your accounting period
• Record previous fiscal years

Create your accounting period

Creating an accounting period is the first action performed in the accounting application. This period determines the time frame used to establish your annual accounts.

How to create an accounting period? 

1. Go to Accounting > Setup > Settings > Periods
2. Click on + New Accounting Year
3. Enter your accounting period's start and end dates

It is also possible to work on several accounting periods simultaneously. However, it is advisable to work on one or two accounting periods maximum.

To set up new accounting periods, click on + New Accounting Period and enter as many periods as necessary. The entries will be added directly to the correct period according to the dates entered at the time of entry.

To ensure the continuity of the accounting, the start date of a new fiscal year must be the day following the closing date of the previous fiscal year. In addition, you cannot create a new accounting period before a fiscal year with the status Closed or In closing.

Record previous fiscal years

If you have already managed fiscal years before using the software, here is how to import your history and make the transition into Springly.

Set up the opening balance

It is recommended to set up the opening balance to indicate the main balances at the last closing, i.e., the state of your accounting just before the beginning of the current fiscal year.

It is generally advised not to re-enter the years that have already been closed and to enter the initial balance from Accounting > Settings > Opening Balance. 

Entering entries from previous years

If you need to go back to previous years, closed or not, it is possible to fill in all the entries concerned manually. To do this, you must create the previous accounting period and then enter the accounting entries.

For example, if you are in 2018 and wish to record an entry on the accounting period 2017, you have to fill in, during the entry, the entry with a date in 2017.