Change Fiscal Year Period

When users first use BIS, they must create at least one initial company.

A new company will have only one fiscal year available, based on the start and end dates set at its creation.

After the first year of use, BIS users always have access to two years of data: the current fiscal year and the prior fiscal year.

At the end of the second fiscal year, when a new third fiscal year begins, the oldest fiscal year’s data becomes a “Historical” fiscal year.

Only the two most recent fiscal years are available for adding, modifying, or deleting/voiding transactions.

All transactions in a historical fiscal year can still be accessed, but only for reporting purposes. No changes can be made to transactions in a historical fiscal year.

As described before, BIS will classify fiscal years as:

1. Current - Most recent fiscal year. Transactions can be added, modified, or deleted/voided.
2. Prior - The year previous to the most recent one. Transactions can be added, modified, or deleted/voided.
3. Historical - Any fiscal year older than the Prior Fiscal Year. No transaction can be added, modified, or deleted/voided.

When accessing BIS, only dates from the Current Fiscal Year can be entered at the Login screen. Any date from the Prior Fiscal Year or from any of the available historical fiscal years will not be accepted.

If only dates from the Current Fiscal Year are accepted at the Login screen, it means that users will require a different process to access the Prior Fiscal Year.

After successfully logging in to BIS by selecting the target company, the user, and, if required, the user password, users can change to the Prior Fiscal Year using the Change Fiscal Year Period option on the Message toolbar. This option allows users to move to the Prior Fiscal Year and return to the Current Fiscal Year.

When a user moves to the Prior Fiscal Year, only transactions in that year can be modified.

Before closing BIS, users will be asked first to move back to the Current Fiscal Year if they were in the Prior one.

Change Fiscal Year Period

Toolbar Access: Message toolbar | Current Period | Prior Period

The Change Fiscal Year Period option allows users to switch between the Current and Prior Years.

This option is needed after starting a new fiscal year, and adjustments to the prior fiscal year are still required.

This option will also show the Beginning and Ending dates, as well as the Open/Close status for each month of the Prior and Current Fiscal years.

Close or Reopen Months

Menu Access: Administrator | Close or Reopen Months

Even when the Prior and Current Fiscal years are available for modification, individual months can still be closed to prevent any changes.

The accountant or any other authorized user can close or reopen months.

A month is usually closed when no further adjustments are required, helping prevent unnecessary changes.

This option functions alongside the Change Fiscal Year Period option because months can only be opened or closed for the active fiscal year.

Months in the Current Fiscal Year can be closed or reopened when the Current Fiscal Year is the active one. To close or reopen a month in the Prior fiscal Year, users must first move to the Prior Fiscal Year.

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