What To Do At Year End In Aqilla?
Posted on Apr 09, 2014
For some of you who operate on a traditional tax year basis for your Financial Year, it's time to move on.
So what do you have to do in Aqilla’s Cloud Accounting Software to move into a new Period & new Financial Year?
It really is very simple: just select the new Period from the drop down at the section on the top right hand corner of the screen and you're done. All new Documents, Journals and Transactions you enter will now be posted to the new default Period in the new year.
There is only one other Year End process that needs to be done in Aqilla. It is necessary to journal the total of the P&L accounts at the end of year to the balance sheet, such as the “Retained Earnings” account. Usually this is done by having an equivalent “Retained Earnings” P&L account. This P&L account should be excluded from your normal P&L reports by assigning it to an Account Category that is not used by the Financial Reports.
The posting would be in the last period of the financial year and would be something like:
Retained Earnings (BS) 1,234,567.89 C
Retained Earnings (P&L) 1,234,567.89 D
...and that's pretty much it.
You can still run reports for new the New Period or the Prior Period or Prior Year at any time so there's no pressure to hold off starting work in the new Period until every last one has been run. This means the business can get on with the day job with little or no disruption. Year End should be easy, and with Aqilla, it is.
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