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 one time process to be done on 1st April 2022 or later in order to match the opening balances in the new financial year. If not done, reports, dues balance, advance balances and other account balances can have variations.

Admin has to follow the below steps on 1st April 2022.

Steps: Log in as an admin to dashboard.mygate.com

1. Go to “Settings”
2. Click on “Financial Year” 
3. Under the box "Financial year-end processing", select “2021-2022” from  the dropdown menu
4. Click on “Process”
5. Under the box "Transfer and Process Non-Member balance dues of", select “2021-2022” from  the dropdown menu (**Not applicable if non-member module is not being used**) 
6. Click on “Transfer & Process”
7. To go to the new financial year, under the box "Change financial year to", select “2022-2023” from  the dropdown menu
8. Click on “Change”

Notes: 

• During this process, all the closing balances and non-member dues will be carried forward to the next financial year. 
• Member dues will automatically reflect in the next financial year and it doesn’t require any manual intervention. 
• The above process can be repeated whenever there are any changes made in the previous financial year.

• It is not recommended to make changes in the years prior to FY 20-21. For any further queries, please contact the customer support team for guidance at contact@mygate.in.