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How to Perform Year-End Closing in Accounting

Introduction

The year-end closing is a crucial accounting process that finalizes financial records for the year. This guide will walk you through the necessary steps to complete the process in GoFreight.

Effect of the Year-End Closing

  • Once the Year-End Closing is completed, all invoices and payments within the fiscal year will be locked. At that point, you will not be able to make changes to any invoice or payment data, nor add new invoices for the closed fiscal year.

Definition of the System’s Fiscal Year

  • The system's default fiscal year-end is set to December. If you'd like to adjust the fiscal year-end month, please feel free to reach out to support@gofreight.com for assistance.

Which Role Can Access by Default

  • General Manager
  • Accounting Manager
  • Accounting

Where to Access

This feature can be accessed through:

  • Navigation Bar → Accounting → Journal → Year-End Closing

Step-by-Step Instructions

1. Initiate Year-End Closing

  1. Navigate to Accounting → Journal → Year-End Closing.
  2. Select “Perform [Year] Year-End Closing” (e.g., 2021).
  3. Click Apply.

2. Review Pending Payments

  • Any uncleared or undeposited payments will be listed below.
  • You must clear or deposit these payments before proceeding.

3. Clear or Deposit Payments

  • Locate the payment post date (displayed in blue).
  • Click the post date to view the payment details.
  • Take the necessary actions:
    • Deposit the payment if it has been received.
    • Clear the payment if it has been processed.

4. Complete Year-End Closing

  1. After all payments have been deposited or cleared, return to the Year-End Closing page.
  2. Click Apply again to finalize the closing.
  3. If the process is successful, a confirmation message will appear: “Year-End Closing Complete!”

5. Check the Result

  1. Click on "Click here to see the result" below the "Year-End Closing Complete!" message to view the execution results of the Year-End Closing.
  2. Or click on the "More Detail" button under the Change Log section below.
  3. Or navigate to the feature “Accounting → Journal → General Journal” to see the result.
  • You will see journal records marked as "YearEnd" in the "Type" field, which indicate Year-End Closing entries.

For a visual guide on using this feature, please refer to the following video: