Set the current financial year
1.Click on the current year caption on the application status bar at the bottom of the window, which displays [year not set].
2.Enter the dates of your financial year and click OK.
The caption then displays as follows:
If you need to change or delete these dates, select Set Up > Year Ends.
Change the current period within the financial year
When you set the financial year, the current period is shown in the caption to the right of the current year caption. By default, it is set to Entire year.
Current period caption on the application status bar
You can change the current period to any month or quarter within the financial year, by clicking on the caption that displays Entire year and selecting the desired period, e.g. Mar 2027. You can also create a custom period by selecting Other...
Note: It is not strictly necessary to change the period within the financial year, as transactions can be entered in any period regardless of the current period that is set (provided that periods are not locked).
Change the financial year to the next year
Click on the current year caption and click Next.
This creates an automatic year-end journal (YET), which transfers balances in income and expenditure accounts to the accumulated profit and loss account in the balance sheet (i.e., retained earnings).
For further details, see Year-end procedures.
Lock previous periods
Transactions can be entered to any period in VT Cash Book, or any aspect of a transaction edited, unless the period is locked. It is important, therefore, to lock all transactions up to the date of the last set of accounts that have been finalised. A lock date can be set (or removed) by clicking on the Lock Previous Periods caption on the application status bar (or by selecting File > Lock Previous Periods). You can also optionally enter a password to prevent other users altering the lock date.
Lock previous periods caption on the application status bar
