Adding a new Financial Year
Click the Financial Year dropdown at the top of the sidebar and select Add new financial year.
Select a financial year (fiscal year) to create. The system defaults to either the Current Financial Year or the Next Financial Year, depending on when it’s created.
To choose a different financial year, click Additional Financial Years and select the year.
Click Next when you have the financial year selected.
Continue through the steps for setting up your new financial year.
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How do I transfer obligation templates to the next year
We don’t currently do this because we don’t know what date the obligation should fall on in future years. Since days of the week change every year, we don’t want to make assumptions. We are looking at copying date-less templates over in a future release.
Hi. How do I change my financial year if I accidentally started it incorrectly?
Hi Yessi
I’d be happy to change that for you. Can you email me at [email protected] with the month you’d like your financial year to start? I’ll take it from there.
Cyndi
How do I add payments under my contacts? I am not able to add what they have paid towards their obligations
Hi Shasmond,
Happy to help! I sent you an email with step-by-step instructions and screen shots. Look for that!
Cyndi
When I start a new financial year, do the balances carry forward to the new year for each contact?
Hi Abbe,
You have a choice. When you copy your contacts over to the next financial year you’ll see an option to carry the balances forward. If you check the box, you’ll carry them forward. If you don’t check the box you won’t. If you need a hand or we can help, please call or email and we’ll be right there with you when you’re ready to do this.
Cyndi
How can I change the default financial year to the current year? Everytime I log into MoneyMinder it opens up in the previous year.
Hi Kevin,
It looks like when you log in, it’s opening up to the 2021 Financial year, spanning these dates: Sep 1 2021 – Aug 31 2022
That’s your current financial year. It’s a little early to start a new financial year yet for your group.
Let me know if you’re seeing something different.
Warm regards,
Cyndi
Hi – I just created our new fiscal year (2022-2023) so I can enter a budget to be approved by the Board and voted on by membership at our May meeting. Is there a way to populate the “Funds available at the beginning of financial year” field so we can easily see our over- or under-allocation/bottom line? I’m wondering about typing a “guesstimate” amount in the “Statement balance at the beginning of the financial year (7/1/2022)” field on the Banking screen. I assume that would then show up on the budget, but will it correct itself when I do the June 2022 reconciliation? Thanks!
Good question Jonelle. Yes, we’d recommend putting an estimated number in the “beginning balance” field when you Edit the bank account. That way you’ll be able to do some scenario planning. It sounds like you have a June 1 financial year start. When June 1 rolls around you’ll be able to go in and delete that number and enter a real one. OR if your account is reconciled thru to the end of the financial year (May 31 in your case) you will have the ability to roll forward your ending balance as your starting balance, along with any uncleared transactions.
If I create a new budget year now, what happens to all the transactions between now and the end of the year in terms of updating the beginning balances for vendors and homeowners? Will the balances automatically update? I haven’t yet looked into how to carry over homeowner balances on invoices to the next year. Is there a way to create a proposed budget without creating the new year and balances as of yet?
Hi Carrie,
Yes, you can create a new financial year and make a proposed budget. This will not affect your current financial year.
You will continue to input transactions and apply them to contacts in your current financial year until the end of the year.
When your financial year ends, balances do not get automatically updated in the new year; however, you will have the opportunity to carry over your bank balances and contact balances into the new year.