XFatora

Year-End Closing

Finalize your fiscal year with reconciliations, adjustments, and reporting checks.

Year-end closing reports Year-end closing reconciliation Year-end closing adjustments

What you can do here

  • Close the year with final reconciliations and adjustments.
  • Validate the chart of accounts before closing.
  • Produce year-end statements for management or auditors.

Before you start

  • Ensure all invoices, payments, and expenses are posted.
  • Confirm bank statements and reconciliations are complete.
  • Review tax filings and compliance requirements for your region.

Step-by-step

  1. Run reconciliation reports and resolve any mismatched balances.
  2. Post adjusting journal entries for accruals, depreciation, or corrections.
  3. Review trial balance, profit & loss, and balance sheet reports.
  4. Export final statements for audit or leadership review.
  5. Lock the fiscal period to prevent further edits.

Tips & Common mistakes

  • Keep supporting documents attached to journal entries for audit trails.
  • Do not lock the period until finance leaders sign off.
  • Verify opening balances for the new year after closing.

FAQ

Can I reopen a closed period?

Only administrators should reopen a period, and changes should be tracked carefully.

What reports are required at year end?

Most teams export the balance sheet, profit & loss, and cash flow statements.

How do I handle late transactions?

Post them in the new period and document the reason for the timing.

Next steps

Core Accounting Reports Reconciliation Journal Entries