Financial year closing is perform at the end of the year, as an indication of the completion of one-year, or 12 months accounting period.
To perform the financial closing, follow the steps below:
- Login to your Books+ account.
- Click on Accounting on the sidebar menu.
- Select Financial Year Closing button.
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4. On this page, click on "+ Close Period" button.
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5. A pop-up menu will appear. Fill in the period name, closing year, and closing month.
6. Click on the Ok button.
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7. The second pop-up box will appear after clicking on the Ok button.
8. Enable the checklist to close your books for the items stated above for recording purposes. Click Next.
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9. View and verify the data to be posted in the journal entry for closing.
10. Click on Save.
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11. You should be able to view the journal entry number for the closing. Go to Accounting Module and select journal entry.
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12. You can view the financial closing journal entry here.
13. Please note that you cannot delete the financial closing entry from the system.
How can I configure the financial closing account?
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Click on the Setting icon in the Financial Closing page.
A pop-up menu will appear.
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Choose the closing period and the retained earning account.
Click Save.