How to run a year end on Liquid Accounts
The current tax year ends on 5th April and for the majority of companies this will be their accounting year end as well. This means that you will have to finalise your accounts for the year and calculate any opening balances (any outstanding amounts or transactions that haven’t been processed by the year end) for your new financial year. (Your accountant will be able to advise you if you need any further information about how to do this and when, however the best thing you can do is make sure that everything is up-to-date ready for your accountant to do their bit.).
However, the good news is, that once you’re in a position to do this, it’s very quick and easy to do on Liquid. Simply, go to ‘Year End’ in the ‘Company’ menu, select the correct year end date, and click ‘Process’. This will ‘lock’ that particular financial year and prevent you from adding any more transactions to it. It will also automatically calculate the opening balances for the new financial year.
Once you’ve done this, your accountant has the facility to make any changes or adjustments (via Journal Entries) and re-run the year end if necessary.
Click here for our help document on the year end process.
For Accounting Professionals
For an accountant or bookkeeper there’s a lot more to do at a year end than for a business. Every company and every year end may be slightly different, however, you’ll find all the tools you need in your Client Manager module to:
- Make sure everything is up to date and reconciled (You can do a bank reconciliation in the Banking menu and check the VAT for the year in the VAT menu) click here for our help document
- Generate a trial balance (this can be found in Reports and can be printed, saved as a pdf, or cut and pasted into Excel. From the Accounts Production tab you can export the trial balance to your Accounts Production software)
- Prepare a P&L (Again this is in Reports and can be printed, saved as a pdf or cut and pasted into Excel) click here for our help document
- Prepare a balance sheet (Again this is in Reports and can be printed, saved as a pdf or cut and pasted into Excel) click here for our help document
- Add any required journal entries , click here for our help document
- Re-run the year end to update it with the new journals (as above) click here for our help document
For further help or to request a training webinar, please contact our Client Services Officer, Andrew Marshall, on 0845 450 7304, firstname.lastname@example.org, Skype: Andrew Marshall
If you don’t have a pdf generator loaded on your computer you may need to download one. Generally this will be added to your printing options (so that you click ‘print’ and then select the name of your pdf generator rather than the name of your printer from the options available). There are many free pdf generators available to download from the internet and a Google search will find them for you, however, some of the more well-known ones are www.cutepdf.com, www.pdf995.com, www.dopdf.com, www.primopdf.com