Glossary
Financial year
Definition
The financial year is the twelve-month period for which the books are closed and the annual report is prepared. It often matches the calendar year, but a company may choose another start month. The year you choose sets the deadlines for the annual report.
Example. A company whose financial year runs from 1 July to 30 June closes its books on 30 June, and its annual report is due six months later.
Why it matters for your company
Your financial year sets the dates of the annual report and of the year-end closing. Choosing it at the start saves rework later.
Where you see it in Sapita
In the company settings, where the start month of the financial year is set, and on the year-end screen.