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Financial Year End Guide

Article ID: 2024655      Last updated: 24 November 2020



At the end of the financial year, certain steps need to be taken with any business. There are commitments to the HMRC, reporting requirements for you and your accountant.

The requirements of your business at the end of the financial year can seem daunting; you can take advantage of a number of AccountEdge's features to quickly and easily prepare your business for the new year.

You will find that most tasks can be completed even after entering transactions for the new year. With AccountEdge, you don’t need to close your financial year at any particular time. You can continue to use your company file for up to twelve months after the last month of your current financial year. AccountEdge allows you to track information from previous, current and next financial years.

Note!  In this support note, we will assume a current financial year (that we wish to close) as 1st April 2015 - 31st March.


End of Financial Year Checklist

Record all your 'day-to-day' transactions:

Reconcile your accounts:

Review and start a new year:


Step by Step

Task 1: Backup your data file before end of year adjustments

We recommend you make a backup of your company file once all entries for the old year have been entered and before end of year adjustments are recorded.


Task 2: Reconcile your Accounts

i)  Reconcile your Bank Account

If you enter banking transactions such as cheques and deposits, we recommend you reconcile the account after entering all such transactions for the year.

More information about reconciling accounts is available here .

ii)  Reconcile your Debtors

If you use the Sales command centre to record sales and customer receipts, reconcile once all sales and receipts have been entered for the year.

iii)  Reconcile your Creditors

If you use the Purchases command centre to record purchases and supplier payments, reconcile once all purchases and payments have been entered for the year.

iv)  Reconcile your Stock Control

If you use AccountEdge to track stock quantities and values, reconcile once all transactions affecting stock for the financial year have been entered.


Task 3: Review your accounts and reports

In the Index to Reports> Accounts section, review the Accounts List Summary, Standard Balance Sheet and Standard Profit & Loss reports to spot potential issues or concerns. Look for figures which seem out of the ordinary or unexpected.


Task 4: Provide Information to your accountant

Your accountant might need to check your AccountEdge accounting information once all transactions have been entered for the current financial year.

All reports in AccountEdge can be send to printer, or exported to PDF, Excel (if you have it installed), or .CSV.  Talk to your accountant to discuss their preferred method.

You can export your report to your preferred method by using the Send To button found at the bottom of every report you display to screen.

Reports your accountant might request:

NOTE!  You should customise each report, setting report dates appropriate to your requirements.

Index to Reports> Accounts section:

Index to Reports> Banking section:

Index to Reports> VAT section:

Index to Reports> Sales section:

Index to Reports> Purchases section:

Index to Reports> Stock section:


Tip!  Once you have provided the accountant with the information they need, lock the last financial year so that no entries can be changed or entered for the old year.  Go to Setup> Preferences> Security.  Set the Lock Period up to and including March, in our example.  If you need to make further changes to your pre-year end figures, you can unlock the period in the same manner.


Task 5: Backup your data file after end of year adjustments.

To be completed after entering end of year adjustments.


Task 6: Start a New Financial Year

Once the above tasks have been completed and signed off between ALL parties and relevant stake holders, you are ready to Start a New Year.


Additional Information

Additional information regarding the financial year end can be found here.



Disclaimer: This information is of a generic nature. For specific advice regarding your particular circumstances please seek assistance from your accountant, HMRC, or your IT administrator as appropriate.




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