Fiscal Year-End Approaches - Tips

This guide covers tips for approaching the end of the fiscal year in Netvisor.

• Establish the next fiscal year well in advance before the current one ends. Invoices and receipts can only be recorded for established fiscal years, and accruals cannot be made for a fiscal year that does not exist in the system.
• Does the balance sheet and income statement differ? The reason for this may be a separating receipt, meaning the Debit-Credit balance does not match. Quick tip search:
  1. Financial management>Reporting>Accounting reporting>Receipt browsing
  2. Select the time period from which receipts are searched (often the entire current fiscal year, but sometimes the difference may also be in previous fiscal years)
  3. Check the box "Show only separating receipts"
  4. Press the "Show report" button.
  5. The listing should only include the financial statement receipt. If other separating receipts appear in the listing, these receipts should be checked, as other separating receipts usually reveal incorrect/missing entries.
• At the turn of the fiscal year, it should be checked that invoices are recorded for the correct period. Note that sales and purchase invoices have both an invoice and a posting date. Invoices are recorded according to the posting date's fiscal year.
• The reconciliation view must be in order at the latest in the financial statements, but in Netvisor, we recommend doing the reconciliation at the latest when the monthly VAT lock is relevant. By reconciling continuously, there is less work in the financial statements.
• Here you can find instructions for reconciliation and tips for finding differences Closing the month and accounting reconciliation.

Keywords: fiscal year end, separating receipts, creating a new fiscal year, accounting reconciliation

Did you find it helpful? Yes No