You can use Gensolve Practice Manager to perform end of financial year tasks.

All accounting tasks can be carried from in the Accounting Form (menu Accounting >> Accounting Form or Ctrl+2)

 

Record all transactions for the financial year

1. • Enter all expenses, sales, payments and receipts that occurred during the financial year
   • Ensure all transactions are up to date by reconciling all bank accounts to the end of the financial year
   • Run the Uncleared Items reports to check for any outstanding items that have not been reconciled (see Accounting Form >> Reports)
   • If you have inventory, create a stock take and manually adjust any closing balances
   • Create your GST Return if required.
     

Send reports to your accountant

1. • Your accountant may request the following common reports : Balance Sheet, Trial Balance and Profit & Loss Statement (see Accounting Form >> Reports)
   • Record any adjustments provided by your accountant as manual journals (see Accounting Form >> Chart of Accounts >> Manual Journal ).
     

Close the financial year

• Create a Period Rollover to zero out expenses and revenue and posts to retained earnings. It is usually created for the end of a financial year once all accounts are finalised. (see Accounting Form >> Chart of Accounts >> Period Rollovers)
• Lock the accounting date so that no transaction can be backdated and affect the reports already sent to the accountant.

1. Go to Administration >> Vendors and click Get Data
2. Click to display the Vendor Details window
3. Set the Accounting Locked date to be the end of the financial year.
   

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