Setting Your Accounting Financial Dates (Admin)

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, and financial date settings help you choose how items are reflected in the system. 

When setting your financial dates, you specifically indicate the first financial year start date since using Actionstep as well as the date that is applied to your chart of accounts opening balances. Transactions before these dates will be ignored.

To set up your financial dates:

1. In Actionstep, go to Admin > Accounting. The Accounting page appears.
2. Click Edit for the Accounting preferences section. The Accounting System Preferences page appears.
3. In the Financial dates section, complete the following information:
   • Financial year start date: This date covers a period of 12 months, starting with the selected date. For example, setting the start date to 1 January will define a financial year that spans from 1 January to 31 December.  
     NOTE:  Once this date is specified, you do not need to update it again since the designated span will apply to future years. For example, if this date was originally set in 2023, the same period will apply to 2024, 2025, and so on.
   • Opening balances date: This date defines 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.
4. Click Save to save your changes. 

Related Articles:

• Getting to Know the Accounts List
• Entering an Opening Balance for an Account
• Setting Your Main Accounting Preferences (Admin)