Closing the month and the year

What you’ll do: lock each month once it’s done, then close the year and produce the annual accounts.

Who can do this: accountants close months. A Company Admin closes and reopens years.

Steps

1. In Dexta Books, open Settings and Months and years. Find the Financial year card.
2. To close a month, click Close on it. Work through the list (each item is Needed or Check) and confirm.
3. At year end, click Close the year. The checklist marks each item Done, Check or Needed.
4. Clear what’s Needed, then click Close the year. If you decide to close with items still open, the button says so.
5. The year’s profit moves to retained earnings by itself.
6. Open Reports and the Annual accounts tab. Pick the Financial year and Figures in, and switch between Statements and Details for the notes.

Good to know

• Reopening a month or a year is for Company Admins and needs a reason, kept in the audit trail.
• The accounting framework for the statements is set in Settings under Accounting standards.
• Annual accounts in Schedule III format are for companies.

Related

• The tax audit (Form 3CD)
• Preparing GST returns
• Dexta Books