How To Do End-of-year Closure of Books

Created by Nicola Njagi, Modified on Fri, 19 Jan 2024 at 01:59 PM by Nicola Njagi

Step 1; Generate Financial Reports:


  • Compile relevant accounting reports, including the Balance Sheet and Profit and Loss statement by generating them under the Finance section on Core.



Step 2; Identify Zero-Rated Items:


  • Determine expenses and incomes eligible for zero-rating.



Step 3; Access Journal Entry Section:


  • Navigate to the journal entry section to initiate the zero-rating process.



Step 4; Zero-Rate Expenses and Incomes:

  • Credit accounts for expenses with a positive balance and debit accounts for incomes with a positive balance.



Step 5; Allocate Variances to Appropriation Account:

  • Aggregate the difference between expenses and incomes and allocate it to the appropriation account.



Step 6; Assign Booking Date:

  • Set a booking date at the close of the previous year.



Step 7; Submit Entries:


  • Complete the process by submitting the journal entries.


Step 8; Confirmation:

  • Confirm that all incomes and expense for the year are zero and that the Net Income has been posted in the appropriation account.


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