Locking a fiscal year is the last step of the year-end process. This will prevent any transactions from being edited, and it will not allow new transactions to be made to that year. In addition, income and expense accounts are set back to $0.00. If your account totals are off in the Chart of Accounts, it may be because previous fiscal years are not locked.
A fiscal year in Church360° Ledger is a designated 12-month period used for preparing financial statements.
The fiscal year is considered either calendar or non-calendar. A calendar fiscal year runs from January 1 through December 31. A non- calendar fiscal year starts any time during the year and ends 365 days later (for example, August 1 through July 31).
There are three icons related to fiscal years that may appear:
- Green unlock—Clicking this icon unlocks the fiscal year so transactions can be added and edited.
- Red lock—Clicking this icon locks the fiscal year so transactions cannot be added or edited.
- Grey lock—This icon means that the fiscal year is locked and cannot be edited. To unlock the fiscal year, you will first need to unlock all newer fiscal years.
Here is how to lock a fiscal year:
- Click the settings icon in the upper right corner, and click “Fiscal Years”.
- Click the red lock icon.
- The icon will change to a green unlock icon. Clicking this icon will unlock the year so transactions can be edited.