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 dashboard.mygate.com

Click on the 'Financial Year' label within the header OR select “Settings” then click on “Financial Year” from the menu options
Under the box "Financial year-end processing", select “2022-2023” from the dropdown menu
Click on “Process”
To go to the new financial year, under the box "Change financial year to", select “2023-2024” from the dropdown menu
Click on “Change”

Notes:

During this process, all the closing balances will be carried forward to the next financial year as opening balances.
Dues will automatically reflect in the next financial year and it doesn’t require any manual intervention.
The above process has to be repeated whenever there are any changes made in the previous financial year. In such cases select the year where changes are made and do the process (Step 1 above) in chronological order and repeat till the current financial year.
It is not recommended to make changes in the years before FY 20-21. For any further queries, please contact the customer support team via the “Chat with us” option in the Admin dashboard OR admin console in the MyGate app.
Non-Member and Member module is merged starting from FY 23-24. All data will be visible under the Accounts -> Dues and Receipts >> Dues page