Actionstep accounting is used to accurately reflect the balances and transactions of real-world accounts. Having accurate data allows for a clear picture of an organization's finances.
Financial date settings are provided to indicate how items are reflected in the system.
Financial date settings are located at Admin > Accounting > Accounting Preferences.
Opening Balance Date
The opening balance date designates a starting point for accounting in Actionstep. Setting this date tells the system that the account balances at that point are correct and cannot be changed. Once items are entered, or opening balances are adjusted on the Accounts List, this date is set to prevent changing transactions before the date. It also prevents transactions that are dated before the date to be created.
Financial Year Start Date
The Financial Year Start Date dictates a period of 12 months, starting with the selected date, that is your financial year. For example: Setting the start date to January 1st will define a financial year that spans from January 1st to December 31st.
| There is no need to update this setting once set. The designated span will apply to future years. If it was originally set in 2021, the same period will apply to 2022 and so on. |
This date span is used for reporting. Many reports offer date filters for current and previous financial years. The date also dictates when current earnings move to retained earnings. Note: this is done automatically.
| Current Earnings are moved to Retained Earnings automatically. |
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