Discover how to close the accounting year in Banana Accounting Plus and how to create a new file for the new year.
Before moving on to the new year, we recommend downloading and installing the latest version of Banana Accounting Plus.
Creating a new accounting year
The transition to the new accounting period is always a very important moment and with Banana Accounting Plus you can do it in a very simple way. We have improved the documentation pages, adding several useful information.
We recommend a careful reading of the documentation to avoid possible oversights during the closing of bookkeeping.
- Create the file for the new year so you can immediately start entering the transactions in the new accounting period, even if you have not yet closed the accounting of the previous year.
- Close the current year - how to proceed with the accounting operations at the end of the year.
- Create the new year file in Multi-currency accounting.
- Close the multi-currency accounting year - how to proceed with closing operations and managing the closing exchange rates in order to calculate the exchange rates differences.
- Create the new year file in Income/Expense accounting.
- Close the Income/Expense accounting - see page Year end closing operations in Double Entry Accounting.
We have posted a series of notes and suggestions on the Preparing the documentation for Audit page.
Switzerland: Upgrade to new VAT rates 2024
In Switzerland, starting from 2024, new VAT rates will be implemented.
If you manage VAT and have not yet updated the VAT Codes table, you will need to do so no later than after creating the file for the new year. Following the documentation will make this process straightforward:
- Update the VAT Codes table.
- Swiss VAT extensions have been updated, allowing you to automatically prepare reports for rates both from 2018 and from 2024.
- Please note that as of July 1, 2024, the use of Swiss VAT extensions requires the Advanced plan.
Work faster and with greater precision with the Advanced Plan!
The Advanced plan is the most comprehensive plan, speeding up working time and offering continuous state-of-the-art features for impeccable results at only CHF 149.-/year (EUR 129 + VAT). You will find important features to save valuable time, including:
- Filter & Sort rows - Increase your speed in checking and editing data. Enter a keyword into the search filter, and you'll find results instantly.
- Rules for the automatic completion of transactions - Automate the import of bank statements. Record bank transactions comprehensively without manually entering the counterpart, VAT code, and other details.
Do you have the Professional plan? Upgrade now to the Advanced plan of Banana Accounting Plus. The cost is automatically calculated pro-rata.
Don't have Banana Accounting Plus yet?
If you still have an old version of Banana, switch to Banana Accounting Plus now; you get 1 month FREE of the Advanced plan and benefit from many new features that simplify and speed up your bookkeeping!