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How to do the financial year-end process?

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

In this document, we have outlined steps that you can follow to move from one financial year to a new one.

Note:  This is a mandatory process that should be done to match the opening balances in the new Financial Year to match the closing balances in the previous one. If not done then the invoice arrears, reports, dues balances, advance balances and other account balances can have variations. 

To help our customers out, we do an auto-processing of all data in the early hours of 1st April each year.

However, if an admin makes any change to the previous financial year they MUST follow it up with the below steps 

Steps: Log in as an admin to

  1. Click on the 'Financial Year' label within the header OR select “Settings” then click on “Financial Year” from the menu options

  2. Under the box "Financial year-end processing", select “2022-2023” from the dropdown menu

  3. Click on “Process”

  4. To go to the new financial year, under the box "Change financial year to", select “2023-2024” from the dropdown menu

  5. Click on “Change”