End of Financial Year

End of the financial year processes is identical to the end of period processes with the critical difference being that you are rolling out of one financial year into another.

Click on the ROLLOVER button as normal and follow the prompts.

The same Happy Month End process should be followed, noting that the reconciliation would now be done for the whole financial year in preparation for providing financial statements to your external accountants who prepare the tax return for your business.

Once the financial year is rolled over, no payments can be created, no receipts, client or supplier invoices can be posted into the closed financial year.

For this reason, ensure you have given your accountant draft financial statements to look at along with bank reconciliations so that the chance of there being missing transactions can be avoided.

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