The financial year is the main reporting period in accounting.
The annual accounting statements reflect all the facts of the organization's business life that occurred during the financial year: the movement of assets, equity and liabilities, cash flows, the accumulation of income and expenses, and the formation of financial results.
Usually financial year = calendar year, and starts from January.
Example: Via Statement of financial position (balance sheet) report is needed to analyse May 2024
Trial balance will show results from January 2024 to May 2024 (fiscal year):
Problem: How to change the Financial year starts
Example: from June to May
Solution: Use Mutual Settlement and Other Expense document as shown below.
Answer: Необходимо установить дату начала у Entity:
Result: 
