Accounting module: Financial year-end process

MyGate ERP is following the financial year concept based on standard accounting practices. The financial year for MyGate ERP starts on April 1st and ends on March 31st for the following calendar year. 

We have outlined steps for you to follow to move from one financial year to a new one.

Note: This is a mandatory one-time process to be done on 1st April 2022 or later in order to match the opening balances in the new financial year. If not completed, reports, dues balance, advance balances, and other account balances can have variations.

How to complete the financial year-end process? 

Log in to the admin dashboard (dashboard.mygate.com) and follow the steps as shown in the image below on 1st April 2022.

A. Go to “Settings”
B. Click on “Financial Year” 
C. Under the box “Financial year-end processing”, select “2021-2022” from  the dropdown menu
D. Click on “Process”
E. Under the box “Transfer and Process Non-Member balance dues of”, select “2021-2022” from  the dropdown menu (**Not applicable if non-member module is not being used**
F. Click on “Transfer & Process”
G. To go to the new financial year, under the box “Change financial year to”, select “2022-2023” from  the dropdown menu
H. Click on “Change”

Watch the video:

Notes: 

  • During this process, all the closing balances and non-member dues will be carried forward to the next financial year. 
  • Member dues will automatically reflect in the next financial year and it doesn’t require any manual intervention. 
  • The above process can be repeated whenever there are any changes made in the previous financial year.

It is not recommended to make changes in the years prior to FY 20-21. For any further queries, please contact the customer support team for guidance at [email protected].

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