The closing of the accounts corresponds to thecompletion of accounting records. The purpose of this procedure is to freeze your accounts and move on to the following year. This is therefore the period by which you must have gathered all the supporting documents and the operations relating to the balance sheet of your company.

Beyond this aspect, closing a financial year allows each entrepreneur to take stock on the evolution of its turnover, its expenses and their impact on the financial health of your company. This allows you to take a step back from your financial situation and set future goals over the next year: what investments do you need to make to increase your growth? Are they human needs, tools, a marketing plan, a new inventory management methodology?

Closing the accounts is also an opportunity to calculate and report profits made during the past year with the tax authorities.

Generally, this takes place on December 31st. However, some companies subject to seasonality choose to have their annual closing on June 30 or September 30. However, there is one condition: each fiscal year must include twelve months.

Close the books of account #

To do this, go to:Accounting and Settings, click on general and activate everything at the bottom, Close the books

Important, after the books are closed, you will not be able to add transfers.