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On this page you will find useful information for closing the accounting at the end of the year.
If you do not have basic accounting knowledge or do not feel confident in carrying out these operations, we recommend contacting a trustee or a professional accountant. This way you will be sure that the closing is done correctly and in compliance with tax regulations.The suggestions provided in no way replace the advice of your trusted tax consultant.
At year-end closing, before moving on to the new year, some adjustment and correction entries must be made. These are needed to correctly determine the year’s result and ensure that the accounting reflects the true financial and economic situation.
Salaries and staff
- Import salary transactions → if you use dedicated payroll software, you can import the transactions into Banana (Actions > Import into accounting > Import transactions with column headers).
- Thirteenth month salary → remember to record it in December, if not already managed automatically.
- Social security adjustments (AVS/AD/IPG/AD) → reconcile AVS contributions paid with the statements from the Compensation Office.
- Pension adjustments (LAINF, LPP, etc.) → report the total gross salaries to the insurance companies for possible corrections.
- Withholding taxes → record the adjustment based on the statement received from the Tax Office.
- Executive reimbursements → if applicable, include in the December salary the amounts established by the tax authorities.
Accounting adjustments
- Doubtful accounts (Allowance for doubtful debts) → record any expected losses on receivables.
- Depreciation → record the depreciation of movable and immovable assets as of 31.12. You can use the Fixed assets register application to automatically generate the entries.
- Inventory → update the values with the Inventory application to have accurate counts of quantities and values.
- Open customer and supplier invoices → record balances as of 31.12 using the dedicated functions (open invoices by customer - open invoices by supplier).
- Private use → record personal use of company assets (e.g. car) with the appropriate VAT.
- Private account → check and record any interest income or expenses relating to the owners.
- Taxes and duties → check the advances paid during the year, close the provisions from previous years and record any differences as extraordinary costs/income.
VAT closing and return
- Use the Check accounting command to verify that there are no errors.
- Make sure the VAT payable account correctly shows the amount to be paid or recovered.
- Check the quarterly VAT statements and compare them with the amounts paid to the FTA.
- Use the VAT Report to generate detailed reports and archive the data in PDF.
Collaboration with the trustee
If the closing is handled by your accountant/trustee:
- you can send the ac2 file by email or share it via Dropbox,
- if they don’t have Banana, you can create a PDF of your file from File > Create PDF dossier and send it,
- alternatively, they can open the file with the Free plan of Banana Accounting Plus (view-only mode beyond 70 rows).