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This section provides information about financial year management within the Metrix Asset Management system.

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Financial Years

The management of Financial Years within the Metrix Asset Management System is a feature available to system administrators. The two core concepts to discuss when it comes to the management of your system’s current financial year:

A financial year runs for a year from July to June.

The current financial year is defined as the period following the most recently locked financial year. If there is no locked year, the current financial year is calculated from the period of the first entry into the Financial Transactions Ledger.

Locking a Financial Year

Locking a Financial Year protects the Financial Transactions Ledger from being altered in any way that would result in the system being unable to reflect reported financial figures from a point in time. This is typically done following the generation of periodic (usually annual) financial statements, and the subsequent successful audit of said statements.

When a system administrator performs a lock on a financial year, the following outcomes are triggered:

  • All transactions that occurred within, or prior to the locked financial year are no longer editable. That is, they cannot be deleted or altered in any way.
  • This also has the effect of preventing any Components with transactions within a locked financial year from being deleted from the system.
  • No transactions can be posted to the locked financial year or to a date in time prior to the locked financial year.
  • The minimum date value for certain date calendar picker controls will be restricted to dates greater than the locked financial year.
Info

Locking a financial year does NOT affect the remaining useful life of components within the system. All of these values are individually calculated according to the components respective intervention date, useful life, current date, and any stored remaining life offsets.

Reverting to a previously locked Financial Year

When a system administrator reverts their system to a previously locked financial year, they would typically do so for the following reasons:

  • The financial year was locked in error, or
  • Using a Metrix environment in production whilst backlog data is still being migrated to a previous financial year.

The impacts of reverting to a previously locked financial year is simply that the system will then begin to behave as if it was indeed in the (now) unlocked financial year. No impact is caused to any entries within the Financial Transactions Ledger.