Switching to accounting in ABRA Flexi is straightforward. At the start, however, you need to configure and transfer various opening balances. In our mini-series, we will walk you through how to set up a price list and opening stock levels, transfer unpaid invoices, and configure bank account and cash register balances. It is most efficient to enter all data in the period preceding the accounting period in which you want to start posting. Therefore, you must first create this previous accounting period.
Calendar year
Let's say that the first accounting period in which you want to post in ABRA Flexi will be the year 2018 (1 Jan 2018 to 31 Dec 2018). You need to create the preceding accounting period, which is the year 2017 (1 Jan 2017 to 31 Dec 2017). You can create it via the menu Company → Change or add a new accounting period. In the window that opens, click the Manage Accounting Periods button. This takes you to the list of accounting periods currently set up in ABRA Flexi. Select New and enter the required details. Fill in the Abbreviation (2017), Valid from date (1 Jan 2017), and Valid to date (31 Dec 2017). The year code for the series will be set to 2017 automatically. Then click the Save and Close button.
In the list of accounting periods, select the newly created period, click the Select button, and confirm.
The previous accounting period (2017) is now selected in the top-left corner of the application. You can easily switch between accounting periods using the arrows to the left and right of the selected period.
Fiscal year
If you use a fiscal year, the process is the same, but you must first correctly adjust the default accounting period. For example, if the fiscal year runs from 1 Jul 2018 to 30 Jun 2019, you need to first modify the automatically created accounting period 2018 (1 Jan 2018 to 31 Dec 2018). Make the change in the list of accounting periods. Click the Edit button and enter the correct dates for Valid from date (enter 1 Jul 2018) and Valid to date (enter 30 Jun 2019).
Only once the current accounting period is correctly configured can you proceed to create the previous one. Click New again and enter the Abbreviation (2017), Valid from date (1 Jul 2017), and Valid to date (30 Jun 2018). Save the accounting period by clicking the Save and Close button.
Important note
Before making any changes to accounting periods, make sure you have a clear understanding of what you want to configure. Once an accounting period has been created, it cannot be deleted. Making changes to accounting periods when a subsequent or preceding period already exists is also very difficult.
If the initial setup does not go as planned, it is easier to create a new company than to attempt to manually correct all the values. It is never too late to start over and do it right.
Enter any additional data into ABRA Flexi only once the accounting period has been correctly configured!