How to Create an Accounting Period (fiscal year) in Metro?
In Metro, accounting periods are managed through the Fiscal Year settings. Metro does not require you to manually create monthly periods; they are handled automatically based on the fiscal year.
1) Go to the Accounting Module. By Clicking on the 'Accounting' application.
2) Ensure All Transactions are Posted
Before closing the fiscal year, make sure that all transactions for the year are posted. This includes:
- Invoices (Customer and Vendor)
- Payments
- Bank Statements
- Journal Entries
3) Reconcile Accounts
Reconcile all bank statements and ensure that all accounts are balanced. This helps to identify any discrepancies or unrecorded transactions.
4) Review Financial Statements
Generate and review key financial reports to ensure accuracy:
- Profit and Loss Statement
- Balance Sheet
- Trial Balance
5) Manage Fiscal Years
In most cases, the fiscal years last 12 months. If it is your case, you just have to define what is the last day of your fiscal year in the accounting settings. By default, it is set on the 31st December.
6) However, there might be some case. For example, if it is the first fiscal year of your business, it could last more or less than 12 months. In this case, some additional configuration is required.
Note: You only have to create fiscal years if they last more or less than 12 months.
In accounting ‣ configuration ‣ Fiscal years. Click on "Fiscal Years" link to configure your fiscal years.
7) Create a Fiscal Year by entering the name, start date, and end date, then save it.
Fill in the details:
Fiscal Year Name (e.g., 2023
Start Date (e.g., 01/04/2023)
End Date (e.g., 31/03/2024)
8) Now, Click Save
To get more details on how to create an Accounting Period (fiscal year) in Metro ERP, please do contact us at support@metrogroup.solutions