Do a year end in Xero

There are a few things that you should typically do at the end of your financial year. Whether you do some or all of them, or invite your accountant or bookkeeper into Xero to do them for you, here's a simple year-end process.

Before you start

Before you start, make sure you do these things for the financial period being closed:

Bank account - Fully reconcile your account and ensure it agrees with your actual bank statement balance.

Invoices - Enter and approve all invoices.

Bills - Enter and approve all bills.

Expense claims - Enter and approve all expense claims.

Payments received - Bank all payments received. 

Adviser user role - Invite your accountant or bookkeeper to be a user.

Process the year end

Run a GST Reconciliation report. Check each GST category, for example, the GST charged on income, GST charged on expenses, no GST, for any coding and GST treatment that looks incorrect. 

Run a Trial Balance.

Reconcile all accounts on your Balance Sheet:

  • Bank account - Make sure any unpresented cheques or payments are correct. Check your imported bank balance in Xero against your actual bank balance from your bank. 


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