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Learn how to adjust financial years in Silverfin by navigating through settings and making necessary changes to fiscal periods, ensuring accurate financial reporting and compliance.


TABLE OF CONTENTS

How can I adjust financial years?

Step 1: Navigate to the "Edit client" button on the client landing page.

Step 2: Click on the Periods tab.

Step 3: Make necessary adjustments.

  1. If your file is synchronised, financial years default from your bookkeeping software. To adjust booking years in Silverfin, unlock fiscal years by choosing Manually set fiscal years.
  2. Adjust years by clicking the date you want to change; use the calendar or type the new date.
  3. Save changes by clicking on the green button. 
Fiscal year needs to be shorter than 2 years. It's not possible to set up a period with the same starting and ending date. 

In what instances can I adjust financial years?

You can adjust financial years in certain situations outlined below.

  1. You can update the start date of the first year if the ledgers in the background ledgers do not require updating.
  2. You can update the end date of the financial year if the ledgers in the background ledgers  do not require updating.

If you receive a pop-up error asking you to adjust underlying ledgers, please contact our agents. This message indicates that our support team needs to make adjustments to the ledgers in the background.

When you contact support, please provide the following details:

  1. Link to the client file
  2. First financial year (DD/MM/YYYY) - (DD/MM/YYYY)
  3. Current financial year (DD/MM/YYYY) - (DD/MM/YYYY)
  4. New financial year required (DD/MM/YYYY) - (DD/MM/YYYY)
  5. Should the subsequent years be adjusted as well?

Can I roll forward my opening balance and transfer P&L accounts to Retained earnings?

In both manual and synced files where fiscal years are manually set, you have the option to roll forward your opening balance and transfer the Profit and Loss (P&L) to Retained earnings.

To roll forward P&L from the prior year to Retained earnings of the current year, you must specify the retained earnings account.

The transfer of P&L accounts to retained earnings account is applicable only for the NL and UK markets.