Recently, Buildium released a feature that will automatically close the books for a fiscal year.
Closing the books is an accounting term that means that all activity has finished for a period and no further changes are expected. In effect, you're locking things "as is" so that your reports look the same today as they will years from now.
Previously, Buildium defaulted the fiscal year end to December 31st. Because some customers use a different fiscal year end, they needed to be able to set a custom date so that reports that show retained earnings and net income will pull the correct amounts.
We're excited to announce we've now added the ability to customize your fiscal year both on an account level, and on an association basis. Now, customers who manage multiple associations with different fiscal years can override their settings.
- A fiscal year can be set by choosing the month and date that their fiscal year ends.
- If you want, you can choose “last day” giving you the ability to always end the fiscal year on the last day of the month, regardless of the date.
To customize your fiscal year on the account level, navigate to Settings > Application settings. Then, click Accounting settings. From here, adjust your fiscal year date.
To customize your fiscal year on an association basis, navigate to Associations > Associations. Then, click on the association you want to set a fiscal year for. From the association summary page, click Edit next to property details, and update the fiscal year information.