Do I need to do a year-end close in Kontuly?
No. Kontuly has no year-end close to run: every report is worked out fresh from your full history, and when a new financial year starts, last year's profit simply appears in Retained earnings on the Balance Sheet. Nothing needs posting.
What should I do at year end?
- Code and reconcile every bank account up to 30 June (or your year-end date). See How do I reconcile a bank account?
- Run depreciation up to the year end in Fixed assets, if you have assets. See How do I depreciate fixed assets?
- Post any adjustments your accountant gives you as manual journals.
- Export the reports your accountant asks for: usually the Profit and Loss, Balance Sheet, Trial Balance, General Ledger and Bank Reconciliation, with Period set to Last financial year or As at set to End of last year. See How do I export a report?
- Set the lock date to the year-end date once the accounts are finalised. See How do I lock a period?
Why does the Trial Balance show income from earlier years?
Its income and expense balances are for all time up to the as-at date, because the ledger isn't reset each year. The Profit and Loss and Balance Sheet split them by financial year for you.
Where is my financial year set?
Settings, Financial year & region: Financial year-end month and Day. The usual Australian year end is 30 June.
Related questions
- How do I lock a period after lodging a BAS in Kontuly?Set the lock date in Kontuly's Settings so nothing dated on or before it can be posted, changed or voided, protecting a lodged BAS or a finished year.
- How do I run a Balance Sheet in Kontuly?Kontuly's Balance Sheet shows assets, liabilities and equity at any date, with retained earnings worked out for you and a comparison with last year.
- How do I export a report to PDF or CSV in Kontuly?Every Kontuly report has Export PDF and CSV buttons. The file matches the period and options on screen and opens in Excel, Numbers or Google Sheets.
More about accounts and reports
- How does the chart of accounts work in Kontuly?Kontuly's chart of accounts sorts every dollar into accounts by type and report group. What a new business starts with and how it shapes your reports.
- How do I add, edit or archive an account in Kontuly?Add a new account in Kontuly's Chart of Accounts, change its code, name or GST code, or archive one you don't use. What can't change once it's used.
- How do I post a manual journal in Kontuly?Post a manual journal in Kontuly for adjustments with no invoice or bank line, such as accruals, depreciation or corrections. Debits must equal credits.
- How do I void or reverse a journal in Kontuly?Void a manual journal in Kontuly to post a reversing entry on the same date. Which journals must be corrected elsewhere, and what blocks a void.
- How do I record and depreciate fixed assets in Kontuly?Register equipment and vehicles in Kontuly's Fixed assets screen, choose prime cost or diminishing value, and run depreciation monthly or yearly.