Empress Guide: Mastering Your Fiscal Year Setup

Guides & Tutorials
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Introduction

In Empress, the Fiscal Year feature is an essential tool tailored to meet the financial reporting needs of businesses and organizations. Fiscal Year is a 12-month period used for reporting financial transactions and preparing financial statements. Notably, a Fiscal Year can start at any point in the year, which makes it flexible and adaptable to the unique accounting requirements of different organizations.

Understanding the Fiscal Year

A Fiscal Year is not necessarily tied to the calendar year. Organizations can choose to operate on a calendar year basis or set their Fiscal Year to start on a different date. For example, a company might find it advantageous to begin its Fiscal Year in a quarter where it generates most of its income, allowing it to adjust expenses and meet profit targets more effectively.

Accessing the Fiscal Year Feature

In Empress, you can access the Fiscal Year feature by following this simple pathway:

Home > Accounting > Setup > Fiscal Year

How to Set Up Fiscal Year in Empress

Using the Fiscal Year feature in Empress is a straightforward process:

  1. Go to the Fiscal Year list via the path mentioned above.
  2. Click on the Set as Default button. This will establish the selected Fiscal Year as the default for your organization.
  3. If you have multiple companies that share the same Fiscal Year, you can add them accordingly.

Note:

  • You should create a new Fiscal Year annually, at the end of the current Fiscal Year. Empress has a built-in automation feature that creates new Fiscal Years for you.
  • Three days before the end of the current Fiscal Year, Empress checks if a new Fiscal Year for the upcoming year has been created. If not, Empress will automatically generate a new Fiscal Year for you.

Conclusion

The Fiscal Year feature in Empress is a valuable tool for businesses, offering flexibility in financial reporting and the ability to adapt to the specific accounting needs of your organization. With its user-friendly interface and automatic generation of new Fiscal Years, Empress simplifies and enhances financial management for businesses.

For additional support or resources, please refer to the Empress User Guide or reach out to our dedicated support team. We are always here to help you get the most out of your Empress experience.