Overview:

Completing year-end procedures in Zumzum Financials involves several key steps to ensure accurate financial reporting. Since Zumzum Financials does not have a formal year-end process, you should consult with your accountants for specific guidance. Start by posting all transactions up to the fiscal year-end date and entering any necessary corrections or adjustments. Reconcile your bank accounts and VAT returns, then run and export your year-end reports, including Aged Receivables, Aged Payables, Profit and Loss, Trial Balance, and Balance Sheet.

Additionally, record manual journal entries for Depreciation, Corporation Tax, and Dividend Liability. On the first day of the new fiscal year, verify that opening balances are correct by running your key reports. Finally, update your Lock Date to prevent transactions from being posted before the start of the new fiscal year. These steps will help ensure your financial records are accurate and up-to-date.

Please consult with your accountants to confirm the necessary steps you would perform to complete your year-end procedures. 

Zumzum Financials does not have formal period or year end process and reports are run in real-time.  To keep your Profit and Loss, Trial Balance and Balance sheet up to date, here are a few tips to help along the way, on how to you run your year end procedures in Zumzum Financials:

1. Post all transactions (sales, purchasing, bank, journals, etc) for the fiscal year onto Zumzum Financials.
2. Enter all of your corrections, write-offs and adjustments up to the fiscal year end date.
3. Reconcile all your bank accounts to the fiscal year end date.
   • Follow the steps in this article to reconcile your bank accounts.
4. Reconcile your VAT return, for the last VAT period that the past return has been submitted to the relevant tax authority.
   • Follow the steps in this article to reconcile your VAT Return
5. Run, print and export your year end reports for your Aged Receivables, Aged Payables,Profit and Loss, Trial Balance, and Balance Sheet reports or any others you may need.
6. If required, enter your manual Journal entries for Depreciation, up to the fiscal year end date
7. Calculate and enter your Corporation Tax journal entries, up to the fiscal year end date.
   • Follow the steps in this article to enter your Corporation Tax Journal entries
8. Manually enter your Dividend Liability, up to the fiscal year end date.
   • Follow the steps in this article to enter your Dividend Liability Journal entries
9. Run your Profit and Loss, Trial Balance and Balance Sheet reports on the first date of the new fiscal year to confirm the opening balances are as expected.
10. Adjust your Lock Date to prevent transactions posting to the system prior to the first date of your new fiscal year.
    • Follow these steps on how to update your Account Lock Date in Zumzum Financials.