Completing a set of accounts for the first year of incorporation for a client is really simple. It relies on 1 crucial input....the date of incorporation!

Where do you fill this in?

Naturally, you've started completing the financials by doing the General Settings template (if not control/command + J your way straight there!).

Near the top of the template, you'll see a field for Date of incorporation. If this has been filled in, then you're good to go, If not simply add the date of incorporation!

How do I know if it has worked?

Your reports will be adapted accordingly - i.e. the date range and naming convention will reflect the fact that they start on the date of incorporation ('period from' will be used if it's an irregular year) and a single column (as there isn't a prior year).

Common questions:

I have a column for the prior period with data in it. Why?

This is usually because there is data coming through from the bookkeeping system from that prior period. Contact support and they can archive the prior period's ledger/s so that it is included in the numbers of the current year (i.e. the first year of incorporation).

I have an irregular financial year for the first set of accounts. How can I change this in Silverfin?

You can edit the period by going to Edit Client > Periods and then changing the start and end date of the year as needed.

Alternatively please contact support who can do this for you. For a speedier process, please provide the following details:

  1. Client name
  2. Original period (i.e. the one you want to change)
  3. New period (i.e. what you want it to change to)
  4. Details of subsequent periods (i.e. the date range for the next period after the change)

For example:

Hi support,

I would please like to change the financial year end for ABC Ltd from 31 December 2018 to 28 February 2019 (14 month period)

- Original period: 01/01/2021 - 31/12/2021

- Required/new period: 01/01/2021 - 28/02/2022 (14 months)

Subsequent period will continue as normal after that (01/03/2022 - 28/02/2023, 01/03/2023 - 28/02/2024 etc.)