Managing Year End

Your fiscal year end date is set either when you create your business or migrate your existing AgExpert Analyst data.  It is important to note that your fiscal year end cannot be changed, so make sure this date is correct.

Keep in mind that you cannot add prior years once you have set your fiscal year end date.  For example, if you set your fiscal year end date to December 31^st, 2020, once your setup is saved you will not be able to add the 2019 fiscal year.  In accounting, there is a trickle-down effect with transactions which can cause your accounting records to become unreliable in subsequent years.

Your existing fiscal years are kept organized in the fiscal year drop down menu at the top right corner of your screen.

Your oldest year will be at the bottom of the list, and other years will be listed in order, with the newest being on the top of your list.

When you want to add a new year, click Add fiscal year in this drop down.

Adding a fiscal year does not lock down any of your data.  All fiscal years remain open, so that you can adjust prior years as required by either yourself, your accountant, or any regulatory body.

Do not worry if you accidentally create a fiscal year in the future.  While you cannot delete this year from the system, you can simply wait until you get to that year and use it at this point in time.

You must be in the year in which you need to make entries for.  If, for example, you are currently working on your 2020 fiscal year, and your accountant provides you with adjustments for your 2019 year, you must change your fiscal year to 2019 from the drop down in order to make these entries.  The changes that are made will flow through into your current year and update your 2020 opening balances.

Last updated on July 31, 2020 by FCC AgExpert