Fiscal year
In Arabic السنة المالية
The twelve-month span a business uses for its accounts and annual reports, which may start in any month, not only in January.
In plain words
Budgets, tax returns and annual statements all run on the fiscal year. Many businesses use the calendar year; others start in a quieter month so the year-end close does not land in their busiest season.
The year is split into periods, usually twelve months, each opened, closed and finally locked in order. A posting belongs to the period its document date falls in, and the year ends with a closing journal to retained earnings.
The common mistake is starting a new year without setting up its periods. The first invoices of the year then have nowhere to post, or land in the year before.
- First period
- 2026-04-01 to 2026-04-30
- Last period
- 2027-03-01 to 2027-03-31
- Periods
- 12
- Year-end close
- 2027-03-31
In Axon Suite
How Axon Suite handles it
Each subsidiary in Axon Suite has its own fiscal year start, and its year is split into periods from that month. A posting dated where no period exists is refused until that fiscal year is generated.
Feature
Close and lock accounting periods
Close a period and nothing posts into it again, whether it comes from sales, purchasing, stock, the till or a rep’s van. Reopen it when you need to, in order, or lock it for good.
Open: Close and lock accounting periods