At the beginning of a new financial year, businesses need to carry forward essential data while ensuring a clean transition. In Borg Desk ERP, shifting data to the next financial year involves the following steps:

Step 1: Close Current Financial Year if Borg Desk is already being used during financial year transition

✅Verify & Reconcile Transactions:
✔Ensure all invoices, payments, and journal entries are correctly recorded.
✔Match ledger balances with bank statements.

✅Complete Pending Entries:
✔Adjust any outstanding transactions (credit/debit notes, payments, etc.).
✔Process pending sales or purchase orders if required.

Step 2: Carry Forward Key Data
When transitioning to a new financial year, certain data is carried forward, while others are reset.
Borg Desk Carry forwards all data automatically. Borg Desk does not required any other special entries or command to carry forward data to next financial Year.

✅Data that gets carried forward automatically:
Borg Desk carry forwards all data automatically if Already being used during financial year transition Otherwise It Already recommended above to update Opening Balance of Debtors, Creditors, Loans & Banks etc..
✔Customer & Vendor Ledgers (Outstanding balances shift to the next year)
✔Product & Inventory Data (Stock levels move to the next financial year)
✔Unpaid Invoices & Payments Due (Pending amounts remain in the new year)
✔Fixed Assets & Depreciation (Depreciation calculations continue)

✅Data that resets or requires manual adjustment: 
Borg Desk do all Rest Automatically. It does not require any special commands to reset entries.
✔Profit & Loss Accounts Reset (New year starts with zero P&L figures)
✔Tax Liabilities Calculation Restart (GST, VAT, TDS begin fresh)
✔Sales & Purchase Orders (New year transactions begin separately)

Step 3: How to Create the New Financial Year in Borg Desk ERP ?
1️⃣ Borg Desk Does not esquire any settings or updates to start new financial Year. 
2️⃣ Borg Desk recommends to set Invoices / Bills prefix as per financial year if included in the Bill No. prefix.
3️⃣ Borg Desk Sets the Start & End Date (e.g., April 1, 2024 – March 31, 2025) automatically.
4️⃣ Borg Desk Automatically Carry Forwards all type of Balances if Already being used during financial year transition.

==>(Borg Desk ERP automatically shifts opening balances and ledgers)

Step 4: Verify Opening Balances in New Financial Year
✅ Check Customer & Vendor Balances
✅ Verify Stock Opening Balances
✅ Review Ledger Accounts

Step 5: Start Transactions for the New Year
After shifting data, you can begin recording new:
✔Sales Orders & Invoices
✔Purchase Orders & Bills
✔Expense Entries
✔GST & Tax Reports

Key Benefits of Financial Year Shift in Borg Desk ERP
✅ Seamless Transition – No manual data re-entry required
✅ Accurate Opening Balances – Auto carry-forward of important data
✅ Better Financial Clarity – Old year closed, new year fresh
✅ Compliance Ready – GST & Tax reports start fresh

Need help with your financial year shift? Let me know!
 

Admin

March 23, 2025

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