Create New Accounting & Tax Periods

IMPORTANT NOTICE:

In order to continue transacting into the next financial year, you will need to ensure that you have created a new Accounting Periods and a new Tax Periods.

Otherwise you will encounter the error message below "The transaction date you specified is not within the date range of your accounting period", when trying to create a new Invoice dated in an Accounting Period that does not exist.

To create a new accounting periods and tax periods, please follow the steps below:

I - Create New Accounting Periods

1. Navigate to Set up > Accounting > Manage Accounting Periods.
2. Select Set up Full Year.
3. Enter your First Fiscal Month, Fiscal Year End etc. For most businesses, this will probably be as shown below:
4. Save

II - Create New Tax Periods

1. Navigate to Set up > Accounting > Manage Tax Periods
2. Select Set up Full Year
3. Enter your First Fiscal Month, Fiscal Year End, etc.
4. Save