Closing a Financial Year

This section describes the tasks you should perform at the end of your financial year.

Note that you don’t need to close your financial year at any particular time. You can continue to use your company file after the last month of your current financial year.

What you need to do

Complete the tasks listed below to close your financial year and start a new one

Task 1: Complete the tasks you usually do at month-end.

Task 2: If you track inventory quantities and values, you should perform a stocktake when all transactions affecting inventory for the financial year have been entered.

Task 3: Provide information to your accountant

Task 4: Enter end-of-year adjustments

Task 5: Close the financial year

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