Accounting tips for year-end closing

Goodbye 2017. Hello endless parties, endless shopping and endless preparations. But the holidays are just around the corner, so you've got plenty of time to relax and recover, right? Hmm. Because for many business owners and their accountants, it’s also the end of the financial year.

Just like Christmas, closing down and re-opening the books happens once a year. And just like Christmas, it’s easy to forget how much stress, strain and last-minute pain it can potentially cause. Well…not this time around.

We’ve put together a few key tips to help you wrap business all up as smoothly as possible. So you can spend your time opening presents with your family instead of closing the books with your accountant.


TIP 1: How and when to close your financial year
For many businesses, the end of the financial year is the end of the calendar year. So on 31st December, the bottom line of your balance sheet automatically becomes the opening balance for the new year. You can complete the year-end process in two simple steps: Step 1: Open a new financial year in your accounts, Step 2: Process your 2017 results.

Where do I do that? 

  • Process entries by navigating to Financial > Entries > Process Entries
  • Process results by navigating to Financial > G/L Accounts > Other > Process profit/loss


TIP 2: How to change invoice numbers
Invoice numbers (also known as accounting receipt numbers) are generated and assigned automatically and can be changed.

Where do I do that?
Company name > Master data > Financial > Journals

Open the Sales Journal and look under Financial year. You'll see all your invoice numbers – just click on any and rename. It's up to you when invoice numbers are generated: either when you first enter the invoice or when you print it. Changed your mind? No problem. Just reset your preferences.

Where do I do that?
Company name > Settings > Sales Invoice


TIP 3: How to invoice using an entry date from the previous year
Simple. All you have to do is change the entry billing date. The invoice number will then automatically correlate to the correct year. Doesn't work? In that case, you’ll need to reset your period-date option from ‘No’ or ‘Optional’ to ‘Mandatory’.

Where do I do that?
Company name > Settings > Financial

Happy Holidays
We hope you've had a successful 2017. And we hope these tips help you end the year in style as well. On behalf of everyone here at Exact HQ, we wish you all season’s greetings from all of us - and a prosperous new year. Thanks for choosing Exact!

Go to our Help Center for more Tips & Tricks regarding closing your financial year.


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