Opening the New Financial Year (v2, v4, v6)
Before the start of a financial year, it is important to open your Accounting and VAT accounts so that users can post into the correct financial year.
If you have not yet set up your new financial year, please see Creating a New Financial Year and Accounting Periods (v2, v4, v6).
Opening the Accounting Year and Period
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Select Masters > Periods from the top menu.
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The Period Maintenance dialog is displayed. Select the applicable year then change the Access Level to 3.
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Click the Apply button to save your changes.
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Select the first period in the financial year, then change the Access Level to 3 then click the Apply button to save the changes.
Opening the VAT Account
In addition to opening the accounting year and accounting period, you also need to open the applicable VAT account which is stored in IRIS Financials as a period. VAT accounts contain information about VAT that has been paid on purchases or received via sales. A VAT account is typically a monthly period or quarterly periods.
It is essential that users do not post to future VAT periods because income and expenditure needs to be reported to HMRC for the period they relate to. If future periods are closed, they cannot be accidentally posted to. It is therefore recommended that you only open the next VAT period when required.
To open a VAT account, please see Opening a VAT Period.