Overview of New Financial Year Creation in Marg Books

Process to Create New Financial Year in Marg Books

Effects After New Financial Year Creation in Marg Books

OVERVIEW OF NEW FINANCIAL YEAR CREATION IN MARG BOOKS

• New Financial Year (2023-2024) is being created so that the user can easily start generating the entries from 1^st April 2023 in the Software.

PROCESS TO CREATE NEW FINANCIAL YEAR IN MARG BOOKS

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

• Take the Backup of the Previous Financial Year.

• If the user is using Multi-User Software then the user will create the New Financial Year in the main system & it is mandatory that the software must be turned off from all the other nodes system.

• From the left hand side of the dashboard, go to 'Utilities & Tools'.

• A ‘Utilities & Tools’ window will appear.

• Under ‘Other Tools’ heading, select 'New Financial Year' option.

• A ‘Financial Year List’ window will appear.

• The user can view that the current financial year is shown i.e. 2022-2023, in which the work is done currently along with the previous financial years.

• In order to create a New Financial Year, click on ‘Create’ tab.

• A ‘Create Financial Year’ window will appear in which the current financial year is shown in which the work is done i.e. 1^st April 2022 till 31^st March 2023.

• Along with it, the New Financial Year i.e. 1^st April 2023 till 31^st March 2024 will also be shown which is been created.

• The user will click on ‘Save’ tab.

• A message of ‘Record Saved Successfully’ will appear.

• Along with it the user can view that the New Financial Year (2023-2024) has been created.

• Now press ‘ESC’ key and come to the dashboard.

• The user can view that a dropdown with the name of ‘Financial Year’ has been added in which the current and the previous financial years will be shown.

• The user can switch to the new financial year from the current year with the help of this dropdown.

• Now the user needs to switch to New Financial Year, select ‘1-04-2023 - 31-03-2024’.

• A ‘Confirmation’ window of ‘Are you sure you want to change financial year’ will appear.

• Click on ‘Yes’.

• So in this way the user will switch to the New Financial Year.

EFFECTS AFTER NEW FINANCIAL YEAR CREATION IN MARG BOOKS

• Once the New Financial Year is created, all the previous year Ledger Balances, Outstanding, Stock Balances, Breakage Expiry Stock, Challans, Pending Orders, etc., will be carried forward to the New Financial Year.

Fig 1: Previous Year Ledger Balances in New Financial Year.

Fig 2: Previous Year Ledger Outstanding Balances in New Financial Year.

Fig 3: Previous Year Stock Balance in New Financial Year.

Fig 4: Previous Year Brk /Exp Issue Balance in New Financial Year.

Fig 5: Previous Year Purchase Challan Balance in New Financial Year.

Fig 6: Previous Year Sale Challan Balance in New Financial Year.

Fig 7: Previous Year in Purchase Challan Balance in New Financial Year.

• If the user switch & does any work in the previous year and manages the stock, then its impact will also automatically get visible in real-time in the New Financial Year

• The user can easily switch & adjust the working & stock management as per the requirement for both previous and New Financial Years.

**For Example**

• In case of any Pending Challans, Orders, etc., that exists in the previous financial year; they will get carried forward in the New Financial Year and can be adjusted accordingly in the New Financial Year.

• Also, the Pending Challans, Orders, etc., will get removed from the previous financial year once it gets adjusted in the New Financial Year.