Year End Activities consists of the following Year End Activities
- Closing Ledger Accounts.
- Opening Ledger Accounts for the next year.
(A) Closing of Accounts: GNUKhata has a module to Close books at the click of a mouse, when this module is activated, balances in all expenses and incomes accounts are transferred to Profit and Loss/ Income & Expenditure account and the accounts are closed. After Close books is done, transactions cannot be recorded but ledger accounts can be viewed.
(B) Opening Ledger Accounts for the next year: GNUKhata has a module to Roll over ledger accounts at the click of a mouse. This module opens accounts for the next year automatically and since it is automatic, it is error free. When Roll over is done.
- New organisation with the same name and type is created by GNUKhata for the next accounting year.
- Assets and liabilities accounts automatically open under its respective Groups and Sub Groups with opening balances.
- Expenses and income accounts are opened under their respective Groups and Sub Groups without opening balances
- The closing stock gets transferred to the next year as opening stock.
This module can only be activated after close Books is done.
