Skip to content
English
Go to website
  • There are no suggestions because the search field is empty.

Year-end closing and new fiscal year setup

Guide for year-end closing in Paragon: set up fiscal periods, update invoice numbering, and sync with Minox Online for the new fiscal year.

Table of contents

Preparing for a new fiscal year in Paragon involves several administrative tasks to ensure your financial reporting and document numbering remain accurate. We recommend performing these steps in consultation with your Paragon consultant.

Setting up fiscal periods

You must create the new fiscal year and define its periods to allow for financial postings. Navigate to settings > general ledger periods.

  • Create year: Add the new year and specify the periods. Typically, the system automatically generates twelve months.

  • Period details: Ensure the end date reflects the last day of each month, paying close attention to leap years.

  • Status: New periods default to open. You can close them later to prevent further postings.

  • Synchronization: Your periods in Paragon must exactly match your setup in Minox (e.g., if you use 13 periods in Minox, you must use 13 in Paragon).

Updating document numbering

If you wish to start the new year with a fresh numbering sequence for invoices or other documents, navigate to settings > screen setup > [select module] > overview tab.

  • Last number: Enter the last used number in the sequence. For example, if you want your first invoice to be 22000, enter 21999.

  • Prefix restrictions: To maintain the integration with Minox, you must not change the prefixes for financial documents. The prefix for sales invoices must remain 80, and the prefix for purchase invoices must remain 40.

  • Avoid duplicates: The system will not allow you to change a sequence to a lower number than what has already been used to prevent duplicate IDs.

Inventory beginning balances

To ensure your starting stock for the new year is correct, all shipments in the shipping module should be set to completed before you begin.

  • Effective date: Ensure your stock adjustments are dated January 1st.

  • Bulk updates: Use the Excel export/import process to update your beginning balances across all products at once.

Minox Online coordination

It is essential to prepare your Minox environment alongside Paragon. You can set up the new year in Minox as early as late December.

  • Create new year: In Minox, go to tasks > options > create new fiscal year. You can re-import any year-end changes later using the re-import opening balance option.

  • VAT on GL: Ensure that the "VAT on General Ledger" option is active in Minox. This is a requirement for the Paragon-Minox integration to function correctly.

  • Invoice numbers: Note that the invoice number prompt in Minox only applies to invoices sent directly from Minox; Paragon’s numbering is managed exclusively within Paragon settings.