Before closing your year, enter all transactions up to and including the last day of the fiscal year. Post any month-end procedures such as prepayments, accruals, or depreciation as usual.

Profit and Loss - Standard

1. Go to Reports, then select Profit and Loss – Standard.
2. From the Period drop-down, choose This Financial Year.
3. Click Calculate.
4. View sales, expenses, overheads, and resulting Gross and Net profit/loss.
5. Click Export in the top-right corner and choose PDF or CSV.
6. Save or print the file from the new tab.

Balance Sheet

1. Go to Reports, then select Balance Sheet Report.
2. In the To field, enter the last day of your fiscal year.
3. Click Calculate.
4. View assets, liabilities, and equity from the start of trading to year-end.
5. Click Export in the top-right corner and choose PDF or CSV.
6. Save or print the file from the new tab.

Trial Balance

1. Go to Reports, then select Trial Balance.
2. From the Period field, choose As Of.
3. Enter the first day of your new fiscal year.
4. Check Summarize Retained Earnings Values.
5. Optionally, check Hide Accounts with Zero Balance.
6. Click Calculate.

The report shows all ledger account balances as of the selected date. It includes a line for Calculated Retained Earnings and resets revenue and expense accounts to zero.

This report doesn’t create journal entries. It calculates retained earnings for reporting purposes. If you manually close the year with journal entries, comparative profit and loss reports won’t show data for previous years.

 EXAMPLE: If your fiscal year ends December 31, 2024, run the report as of January 1, 2025.

 CAUTION: To view current year balances, check Summarize Retained Earnings Values. If unchecked, the report shows balances from the start of the accounts to the selected date.