What's a Financial Year?
A financial year (or fiscal year) is the 12-month period you use for accounting, taxes, and financial reporting. Depending on where you're based and how your business is structured, this might be:
Configuring Your Financial Year
Navigate to Dashboard → Settings → Preferences → Financial Year.
Select your start and end dates. BGinvo will display your current active financial year clearly, so there's no confusion about which period you're working in.
Why This Matters
Getting your financial year right affects:
Save Your Settings
Confirm your selection and save. From that point on, all your invoices, quotes, and expense reports will be organized according to your financial year.
A Word of Caution
Like invoice numbering, financial year settings are meant to be configured once and left alone. Changing them mid-stream can create confusion in your records and reports.
If you're unsure what financial year your business should use, it's worth checking with your accountant before setting this up. Better to get it right the first time.
Note: All documents you create will automatically be tagged with the appropriate financial year, making tax preparation and annual reporting much smoother.