How to Change Financial Year in Busy Accounting Software (Step by Step)
Step-by-Step Guide to Switch a New Financial Year in BUSY 21 Software
In India, the financial year runs from 1st April to 31st March, whereas in many other countries, it follows the calendar year from 1st January to 31st December. Due to these variations, businesses may need to change their financial year settings in accounting software. This blog will guide you on how to change the financial year in Busy Accounting Software.
Steps to Change Financial Year in Busy
To change the financial year in Busy, follow these steps:
Step 1: Navigate to Administration
- Open Busy Software and go to Administration.
- Select Change Financial Year.
Step 2: Select the New Financial Year
- Click on the option New Year from 1st April 2025.
- A message box will appear; click OK.
- A new window will open, prompting you to start the process.
Step 3: Understand the Available Options Before proceeding, let’s go through some key options in this window:
Create New Year Without Carrying Balances
- Enable this option if you want to create a new financial year without carrying any master balances.
Do Not Carry Item Balances
- Enable this if you do not want to carry item closing balances.
Item Masters to be Carried
Options available:
- All Item Masters: Carry all items to the new financial year.
- Closing Balance Items Only: Carry only those items with a closing balance.
- Moved/Closing Balance: Carry all item masters used during the financial year or those with a closing balance.
Party Masters to be Carried
Similar options as item masters:
- All Party Masters
- Closing Balance Only
- Moved/Closing Balance
Step 4: Start the Financial Year Change Process
- After selecting the necessary options, click the Start button.
- The process may take some time depending on the number of masters being carried.
- Once completed, the financial year will be updated successfully.
Step 5: Switch Back to Previous Financial Year (if needed)
- Press F11 to switch to the previous financial year.
- Go back to Administration > Change Financial Year to see the available options.
Step 6: Additional Options Available
- Carry Pending ITC Entries: If there are pending ITC (Input Tax Credit) entries, enable this option to carry them forward.
- Carry Bank Reconciliation Entries: If you have unreconciled bank statements, enable this option to move them to the next year.
- Move Updated Masters and Vouchers: If changes were made in masters or vouchers, you can select:
- All Masters
- New and Changed Masters
- Carry Account Full Details: If you have updated account details like address or registration details, enable this option.
- Carry Item Details: If you want to carry item descriptions, prices, HSN codes, etc., enable this option.
Important Note
Before changing the financial year, always take a backup of your data to prevent any loss of important financial records.