The detail view for a specific book shows additional information on its fiscal year. A fiscal year is a designated 12-month period used for preparing financial statements and reports. It can be considered a calendar fiscal year that runs from January 1st through December 31st or a non-calendar year that starts at the beginning of a chosen month and ends 365 days later.
Clicking the arrow icon for a book will take users to the book's fiscal year view. From here, users can lock, unlock, and change fiscal year ranges as their administration needs.
Current Fiscal Year
The first screen on the Fiscal Year view shows the current fiscal year and its date range.
Book Settings
If your church needs to change its fiscal year from a calendar year to a non-calendar year or vice versa, the Finance Admin can select what month the current fiscal year should end using the drop-down menu in this section and click to update.
History
All related fiscal years in the system will be displayed here, along with their date ranges and statuses. This should allow auditors to see if or when a fiscal year was changed.
In the Status column, users can manually lock a fiscal year to prevent any new transactions from being created for that year or unlock a year to allow additional transactions. After 3 months, fiscal years are automatically locked, users can unlock fiscal years to make appropriate changes up to 12 months after the end of the fiscal year date range.