Current Fiscal Year Ending and New Fiscal Year Starting Checklist

Dear Customer, As we know, from tomorrow the new fiscal year going to start. Hence, we are writing here to know our customer what changes need to be done on ERPNext.

 · 3 min read


Dexciss Technology Pvt. Ltd.

Current Fiscal Year Ending 

New Fiscal Year Starting Checklist

Posted By:

Siddharth Jain,

Project Manager,

Dexciss Technology Pvt Ltd

Table of Contents

Table of Contents 

1.Fiscal Year

2.Naming Series 

3.Accounting Period 

4.Period Closing Voucher


6.Tax Withholding Category - Adding New Fiscal Year

1.Fiscal Year

A Fiscal Year is used to record and report the transactions for the year.

Fiscal Year set up

Click on Accounting>> Fiscal Year

Click on Add Fiscal Year

Enter Year Name, Year Start Date, and Year End Date

Click on Add Row to add company

System will auto fetch company name

Click on Save

Now the fiscal year is created and we can set this fiscal year as a default

Now go to Global Defaults>>and select current fiscal year

Click on Save

2.Naming Series

Masters and transactions can be given prefixes in the form of naming series.

Naming series creation

  1. Type Naming series on the search bar

Click on naming series

Select document type for that you want to create new naming series, Here we are going to select Purchase order

Enter the naming series that you want on purchase order.

In the given example, we have added four types of naming series.

Click on Update and then Save

Now will check the effect of this naming series on Purchase order.

Go to Purchase order and click on Add Purchase order

Now click on series, will get drop down to Select required naming series

Now we can see the effect of this configuration.

Now we can see the effect of Naming Series


3. PO-

2. PO-2022-

4. PUR-ORD-.FY.-

Note: In this way, we can create a naming series for all transactional documents like Sales order, Sales invoice, Delivery Note, Purchase receipt, Purchase order, Purchase Invoice, Employee, payroll entry ,etc.

3.Accounting Period

An Accounting Period defines a time period in which financial statements are recorded

Click on Accounting >> Accounting Period

Click on Add Accounting Period

Here enter Period Name, select Period start date and Period end date

We can add or remove doctype according to our requirement.

1. If the Closed checkbox is true for a particular document type, the System will not allow you to submit the document after the closing period.

2.If we want to post a sales invoice after the closing accounting period, In that case we need to remove the Closed checkbox in front of the Sales invoice.

Click on Save

4.Period Closing Voucher

A Period Closing Voucher indicates that the profit/loss for an accounting period has been balanced and the books can start fresh.

Go to Accounting >> Period Closing Voucher

Go to the Period Closing Voucher list and click on New

Select Transaction Date, Posting Date, Closing Fiscal Year, Closing Account Head and enter Remarks

Click on Save and Submit

System will auto generate period closing voucher number


Go to Accounting>> Budget

Click on +Add Budget

Select Budget against Cost center or Project

Select Company, Cost Center and Fiscal Year

We can Monthly distribute budget

Click on create a new monthly distribution

Enter Distribution Name and select Fiscal Year

We can modify percentage allocation

Click on Save

Now again go back to Budget screen

Control action is to restrict users for provided conditions.

Set these action according to your business requirement

Select Budget account and enter Budget Amount

Save and Submit Budget

6.Tax Withholding Category - Adding New Fiscal Year

According to this, a person responsible for making payments is required to deduct tax at source at prescribed rates. Instead of receiving tax on your income from you at a later date, the government wants the payers to deduct tax beforehand and deposit it with the government.

Go to Accounting >> Tax Withholding Category

Click on any category that we want to add new fiscal year

Click on Add Row

Select From Date, To Date, Tax Withholding Rate, Single Transaction Threshold, and Cumulative Transaction Threshold

Click on Save