How to Close the Financial Year in myBillBook?
This financial year’s end is fast approaching, and for myBillBook users, too, it’s time to close the financial year in the app. Wondering how you can close the financial year in the myBillBook app? Worry not, we are here to help you with the step-by-step guide to close your account books in the myBillBook application. You can also check the video on closing the financial year in myBillBook for better understanding.
Closing Financial Year in myBillBook
- Visit the https://mybillbook.in/
- Login using your credentials
- Go to ‘Settings’
- Click on ‘Manage Business
- Tap on ‘Close Financial Year’
- Then click on the check box and continue
- You can set your sales, purchase voucher and other transaction prefixes or continue with the suggested prefixes.
- The current financial year will be closed, and you can start afresh in the new year.
Closing Financial Year using myBillBook Mobile Application
- Open the myBillBook mobile application
- Go to More >Business and GST settings
- Look for the ‘Close Financial Year’ option and click on it
- Click on the check box and continue
- You can set your sales, purchase voucher and other transaction prefixes or continue with the suggested prefixes.
- The current financial year will be closed, and you can start afresh in the new year.
How will it affect myBillBook Data?
- All invoices you create—for sales, purchases, quotes, etc.—will have new prefixes in the style AL/SL/23-24/1. These prefixes can be modified as needed.
- Your current data won’t be altered; it will be stored unchanged.
- To view your earlier transactions, switch the date filter to the Previous Fiscal Year.
How to View Previous Financial Year Transactions in myBillBook?
- Visit the https://mybillbook.in/s/
- Login using your credentials
- Select the invoice for which you want to view the previous transaction
- Click on the calendar
- Adjust the date filter to view the last year’s transactions.
FAQs
How to change the invoice prefix and sequence number?
- Visit myBillBook
- Go to Settings > Invoice Settings’
- Now, Turn on "Invoice Prefix & Sequence Number"
- Enter the Prefix and Sequence Number you want to use
What will happen to the data from prior years after the financial year has closed?
No existing data will be altered; it will all be saved as it is. You can view the data by changing the calendar filter in myBillBook.
How can I get myBillBook's closed financial year reports?
- Go to myBillBook.
- Click on ‘Reports’
- Choose the report you want to view, then select the prior fiscal year by clicking on the calendar.
- The report from the prior fiscal year will now be shown.
What is the current fiscal year?
India's fiscal year runs from April 1 to March 31, 2023. The comparable evaluation year would run from April 1, 2023, to March 31, 2024.