Year

Enter a year that represents the new financial year.

Description

Enter a description for the financial year.

Start date

The start date is automatically populated by adding one day to the end date of the previous financial year.

End date

Select an end date for the financial year.

Costs excl. VAT

When creating a financial year, typically, the default setting is taken from System Settings. Here you can overrule this setting for a selected financial year, if required.

Click No, if you want to calculate costs including VAT or click Yes if you want to calculate costs excluding VAT.

Status

The status of the financial year is displayed: Open or Closed.

Journal entries generated for contract lines

If you applied the Generate journal entries for contracts action, this field will be automatically set to Yes. Journal entries are created for those contracts which belong to the selected financial year and are linked to a budget definition. For more information on the Generate journal entries for contracts action, see Adding a financial year.