To set your company accounting period or financial details, go to Settings > Accounting Period
Here you can manage/ check list/ add new/ lock/ unlock accounting period details. Keep in mind once the accounting period is locked no transaction can made within that period.
Once your accounting year ends and the financial details are finalized you can close that accounting period which will then automatically carry forward the P&L as well as Balance Sheet values to the next accounting year. Changes to this closed accounting period is not possible later.
If your business GST Registered, go to financial details and check the box “Are you GST Registered” and fill in the additional details in all the mandatory fields that pop-up. You can add/delete any GST scheme.
On checking the box, additional fields come up which need to be filled in.
You can also add a new VAT scheme by clicking on the Add VAT scheme. On clicking ‘Add VAT Scheme’ below, pop up with additional fields appear. Fill in information in these fields and click SAVE to save this information or cancel to go back. Here, all fields are mandatory. If you add a new VAT scheme, it needs to start after the previous scheme’s effective end date to ensure it does not overlap.
You can delete a VAT scheme by clicking on the delete icon. However, there should not be any transactions within this period. The system does not allow you to delete a VAT scheme if there are transactions within this period.
If you have registered your business under Construction Industry Scheme (CIS), fill in the CIS form for any CIS returns.