The system operates a 12 monthly period reporting system. For example, if you have a January to December financial year, each month has the same year for reporting purposes.

Financial periods do not always coincide with calendar periods. Entities could choose to use one of the following financial years:

• Calendar financial year: January 2024 to December 2024. This year would generally be listed as year 2024, or year ending 2024.
• Non-calendar financial year: March 2023 to February 2024. This year would generally be listed as 2024 as the last period is February 2024, or year ending 2024.

See:

Period and Year End Management (2.5) - AIQ Academy
 

Changing Financial Year Ends‍ 

Managing Financial Periods‍ 

1. Go to Reports > Report manager.
   
2. Select Trial Balance Standard Format.
3. Next, we will select December for our trial balance: and click View:
   • If we set up a Calendar financial year, then December 2024 will be listed. This is because the 2024 financial year runs from January until December 2024.
   • If we set a Non-calendar financial year, for example December 2023 to November 2024, then December 2023 will be listed. If we want to view December 2024, we must select 2025 as the financial year.

Financial Year Ending and Calendar Period are both listed in the header of General Ledger reports for clarity:

To view which financial periods are open and closed, go to Setup > Manage Financial Periods.