Starting Mid-Fiscal Year

Start using the software in the middle of the financial period as follows. You can open the view or perform the function by selecting Bookkeeping > Accounting vouchers > Journal voucher.

In some situations, the use of the program begins in the middle of the financial period. In addition to the comparative data from the previous period, the current bookkeeping data can also be entered using the same technique.

• Enter the data with a journal voucher (Other), for example at the turn of the previous month.
• Continue normal bookkeeping from the beginning of the current month.

When you import comparative data from the previous financial period:

1. Record the comparative data on the last day of the previous financial period.
2. When you start bookkeeping in the middle of the financial period, bring in the change balance from the beginning of the financial period up to the desired date.
3. Start managing the current bookkeeping from the date onwards for which the change balance has been brought in.
4. Do not record a change balance on accounts where there has been no change in the balance.

If bookkeeping has already been formed, for example as a result of using ledgers, but you also want to bring these balances in as opening balances:

You can open the view or perform the function by selecting Bookkeeping > Bookkeeping reports > Voucher browsing.

1. Retrieve the vouchers for the desired period from the bookkeeping report, Voucher browsing.
2. Select the function “Cancel vouchers”.
3. Select all retrieved vouchers.
4. Press the “Cancel selected” button to perform a mass cancellation for the vouchers already formed.

Example:

• The company started using Netvisor in march, but bookkeeping was done in the old program until the end of august.
• The intention is to bring in the balances of the current bookkeeping on the date 31.8. and continue using it normally from 1.9. onwards.

1. List all vouchers for the range 1.3.–31.8. in the Voucher browsing view.
2. Perform a mass cancellation for the listed vouchers with the “Cancel selected” function.
3. Bring in the opening balances with a journal voucher dated 31.8.
4. Manually set the VAT lock for the date 31.8.

You can open the view or perform the function by selecting Financial management > Financial period management.

The VAT lock can be activated from financial period management.

Sales receivables

Proceed with sales receivables as follows:

• Record the old sales receivables balance in the opening on a different account than the sales receivables account used by Netvisor in the basic bookkeeping information.
• When reference payments are received for invoices that are not found in Netvisor, record the payments on this separate sales receivables account.
• If you wish, you can also use the same sales receivables account as Netvisor, but if there are many open invoices at the time of transfer, a separate account makes tracking easier.

Accounts payable

Proceed with accounts payable in the same way as with sales receivables.

Frequently asked questions

How do I start bookkeeping in Netvisor in the middle of the financial period?

Record the comparative data from the previous period on the last day of the previous financial period, bring in the change balance from the beginning of the financial period up to the desired date with a journal voucher, and continue current bookkeeping from this date onwards.

What should I do if bookkeeping has already been formed in Netvisor before importing the opening balances?

Retrieve the vouchers for the desired period from the Voucher browsing report, perform a mass cancellation on them with the “Cancel selected” function, and then bring in the opening balances with a journal voucher.

For which date should the opening balances and VAT lock be recorded in the example situation?

Record the opening balances with a journal voucher dated 31.8. and set the VAT lock for the same date in Financial period management.

Why is it recommended to record sales receivables on a different account in the opening?

A separate account makes tracking easier when reference payments are received for invoices that are not found in Netvisor, especially when there are many open invoices at the time of transfer.

How do I handle accounts payable in the opening balances?

Handle accounts payable in the same way as sales receivables and use the same recommended procedure with a separate account.

Keywords: Accounting start, financial period, journal voucher, mass cancellation, current bookkeeping, opening balances, VAT lock, Netvisor, sales receivables, accounts payable, comparative data