Financial year-end
Software: MoneyWorks accounting software
Financial Year (aka Fiscal Year) consist of financial periods used to calculate annual income statement for businesses. If you are following the Calendar month, then your financial year-end closing is December.
During financial year-end closing, besides preparing the accounting schedules and post all transactions, you have to do a stocktake, bank reconciliation and set a closing exchange rate.
Do a backup before you start a stocktake process from the command menu of the MoneyWorks accounting software. You have to do the stocktake process before your new financial year. Once the stock count has entered, complete the stocktaking process by activating the Finish Stocktake from the Command menu (ensure dated as the start stocktaking date). Then, print the Stock Valuation Report (usually I will keep a PDF copy as well) and backup your company file.
You should reconcile your banks that are in foreign currency before set the exchange rate for the year-end closing. Once you entered the exchange rate, MoneyWorks will automatically generate unrealised exchange gain/loss journal to adjust the banks, accounts receivable and accounts payable which are in foreign currency.
Backup and lock the period once you have completed the financial year-end closing to prevent other users from recording transaction into the wrong period.
Merry Christmas!