Changing Accounting Periods

This help article covers how to change the accounting periods (fiscal years) on Silverfin.

You need to be very careful if you require to change the periods on Silverfin as there is a risk of losing data if work has already been done in the period you want to change. Be aware of the following;

• Try to update the periods before starting planning as the risk of losing data is much lower
• It is more risky to shorten a period than it is to lengthen a period (if you have done work in a file and you need to shorten the period, contact the Silverfin Experts)
• Sometimes you are able to amend the periods yourself, see instructions below on this. If you have any issues doing this, please contact the Silverfin Experts.

How to change the periods

- Edit Client / Periods / Manually set the fiscal years

Basis Period Reform

There are many unincorporated business changing their year ends to be March. The manager/CRM will of had discussions with the client to decide this. It would be advisable to change the periods as soon as this is known.

For the example above, the 31/10/2022 accounts have just been completed and at the client meeting in July 23 it was agreed that the next set of accounts would be a long 17 months period to the end or March 24.

At this point the Silverfin file was updated to show this and then the Xero was also updated for this so now the file is set up and ready to go for the next period of accounts.

NOTE: It is best to first change the period in Silverfin and then update the clients accounting system if there is a sync in place.

NOTE: If there is anything in this help article that needs updated please get in touch with one of the Silverfin Experts.