Overview & Benefits Of New Financial Year Creation In Hrxpert Software

Process To Create New Financial Year In Hrxpert Software

OVERVIEW & BENEFITS OF NEW FINANCIAL YEAR CREATION IN HRXPERT SOFTWARE

• New Financial Year Creation option is used to create a new financial year i.e. when one financial year gets over and if the employer requires to continue in the new financial year then there is a requirement to create a new financial year so that the closing balances of the previous year gets transferred into the next financial year and the employee master data will also be carried forward into the next financial year.

• When an employer creates a New Financial Year in HRXpert Software, all the leave balances and Loans & Advances of the previous financial year gets carried forward into the New Financial Year.

PROCESS TO CREATE NEW FINANCIAL YEAR IN HRXPERT SOFTWARE

Before creating the New Financial Year, following things needs to kept in mind:

1. Take Backup of Financial Year.

2. If software is running on multi user environment, then software must be turned off from all the nodes connection.

1st Way To Create New Financial Year:

• Login to HRXpert Software > Mention the Username & Password.

• Click on ‘Start HRXpert’.

•  Select the Company from the ‘List of the Companies’ window for which the new financial year needs to be created.

•  After Selecting Company, press ‘Enter’ or ‘Right click’ on the selected company.

• To create New Financial Year, click on ‘Create New Financial Year’.

2nd Way To Create New Financial Year:

• Click on ‘Start HRXpert’ > Select the Company > press ‘Enter’ on ‘HRXpert Gateway’ option.

• To create a new financial year, go to Masters > Create New Financial Year.

• As a new financial year is being created then all the previous year Leave Balances, Loan and Advances gets carried forward into the new financial year.

• So, as the employer will create a new financial year then the Leave Balances, Loan and Advances will also be carried forward of a particular employee as well.

Fig. 1.1 Process to Transfer Leave & Loans and Advances in HRXpert Software.

Fig. 1.2 Process to Transfer Leave & Loans and Advances in HRXpert Software.

Fig. 1.3 View of Leave Balances of an Employee in HRXpert Software.

Fig. 1.4 View of Loans and Advances of an Employee in HRXpert Software.

• Click on ‘OK’ on Leave, Loan & Advances Balance’ window.

• A 'New Financial Year' window will get displayed where the employer can create new financial year by clicking on to 'Proceed'.

• An alert message will appear i.e. ‘Do you want to create Financial Year’. Click on ‘Yes’.

• Then an alert message will appear i.e. ‘Financial Year Created Successfully’. Click on ‘OK’.

• Now, Select the 'Company'. And all the financial years will get displayed.

• Now, select the new Financial Year > Click on 'Enter' to HRXpert Gateway.
• Then click on 'HRXpert Gateway'.

• The employer can view that the new financial year has been created.

• So, in this way the employer can view that the previous year Leave Balances, Loan and Advances of this employee has been carried forward into new financial year.

Fig. 1.5 View of Monthly Attendance of Employees (New Financial Year) in HRXpert Software.

Fig. 1.6 View of Loans and Advances of an Employee(New Financial Year) in HRXpert Software

• If Leave Balances, Loan & Advances and Holiday List are not being updated from the previous financial year to the New Financial Year then with the help of “Update To Next Year” option the employer can easily transfer the leave balances, loans & advances, etc. to the New Financial Year.

• Firstly, the employer will switch to the previous financial year i.e. 2023-2024.

• Then from here, go to Tools > Update To Next Year.

• An ‘Update to Next Year’ window will appear with different options as displayed below.

• Update Leave Opening

• Update Loan and Advances

• Update Holiday List

• If the employer needs to carry forward loan and advances & holiday list of employees in current financial year then click on the given tick box given in front of them.

• If the employee needs to only carry forward the leaves of employees, then in that case click on the tick box of the given ‘Update Leave Opening’. 

• If the employer needs to carry forward the leave of any particular employee then click on the tick box of that employee from the given employee list here.

• If the employer needs to carry forward the leaves of all employees shown in the list then select the tick box of ‘Select All’.

• And if the employer needs to update all three options i.e. leaves, loan and advances & holiday list in new financial year, then tick on the tick box of all three options.

• Then select employee or all employees from the employee list.

• The employee list shown here is selectable only in the case of update leave opening like it is mentioned in the given message here i.e. ‘List of employees only for update leave opening’.

• Then Click on ‘Update’. 

• An Alert Message of ‘Are you sure to Update in Next Financial Year’ will appear where the employer will click on 'Yes'.

• So in this way the employer can carry forward the Leave Balances, Loan and Advances and Holiday List to the current financial year.  

The employer can also change the financial year as per the requirement.

For that go to Masters > Click on Change Financial Year > Select the Year.