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Closures in accounting refer to all the control operations, adjustments, and temporal delimitations carried out at the end of the year before preparing the financial statements.
Technical aspects and new year
With Banana Accounting, each fiscal year has its own separate file. Technically, there is no concept of an accounting closure:
- When a new year begins, a new file is created using the Create New Year command
- You can continue working simultaneously on both the new year's file and the previous year's file. Once the closure operations are completed, the updated balances are carried over to the new year's file using the Update Opening Balances command.
Use the Filter for quick verifications and corrections
To perform checks quickly, especially at the end of the year, we recommend using the Filter function. This feature allows you to filter all transactions based on a word, phrase, account, or a set of elements. The advantage of this function is that you can correct or modify transactions directly on the rows displayed by the filter, without having to scroll through the entire Transactions table to find matching entries.
For more details, please refer to the page:
- Filter Rows (available only with the Advanced plan).
Accounting check command
Banana Accounting allows you to record transactions quickly and even leave operations pending without interrupting your workflow.
The Actions > Check Accounting command performs a series of verifications, similar to re-entering the data from scratch. When errors or discrepancies are detected, they are flagged for your attention.
It is recommended to use the Check Accounting command regularly and whenever there are discrepancies or error notifications, significant changes (such as initial exchange rates, VAT codes), and especially before closing the accounts.
Verification of accounting balance correspondence
The first verification is undoubtedly to ensure that the accounting balance of the accounts matches reality. The cash account balance must correspond with the actual cash status. The balances of bank accounts, credit cards, loans, or assets must match those of the bank statements. The same applies to all other accounts that have provisions, VAT, suppliers, etc.
If there is a discrepancy, you need to identify the reason and complete either the initial balance or the transactions.
Differences in the transactions table
In the Transactions table (Info window at the bottom), ensure that no discrepancies are reported. In addition to the functions available in the Check Accounting command, Banana Accounting Plus includes the Balance column in the Transactions table, which allows you to identify all rows where discrepancies occur. A quick scroll through the column is sufficient to immediately spot accounting differences and correct them, preventing errors from being carried over to the new year.
Differences between bank statement balances and accounting balances (CheckBalance function)
This check is essential for the accuracy of your accounting records. We recommend performing the balance verification, #CheckBalance, not only at the end of the fiscal year but also periodically at the end of each month. This helps prevent any mismatched balances from being incorrectly carried over from month to month.
Information on balance verification transactions is available on the Balance Verification transactions page.
Once the verification entries have been performed, it is recommended to lock the transactions.
- Actions > Lock transactions
The transactions rows will be numbered and will have a blockchain code to ensure their security.
The Create PDF Dossier command allows you to compile all the documents of the entire fiscal year (account statements, journal, VAT reports, monthly, quarterly, and annual reports, etc.) into a single PDF file.
You can archive your accounting data by saving the accounting file and prints in PDF format. Additionally, consider making backup copies on an external hard drive.