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Setting a year end date

Tips and advice on how to use Landlord Vision.
Joined:Fri May 13, 2016 2:19 pm
Setting a year end date

Postby landlordvision » Fri May 13, 2016 3:41 pm

I need to know where I can set up the year end date and opening bank balances

Joined:Fri May 13, 2016 2:27 pm

Re: Setting a year end date

Postby emm » Fri May 13, 2016 3:41 pm

In Landlord Vision, you don't need to close Revenue and Expense accounts for the year as the retained earning amount will be calculated based on the selected financial year.
Please generate the following reports:
a. Reports --> Profit & Loss --> Select From Date as 01/01/2014 and To Date as 31/12/2014. It will be 'Profit & Loss Report for the Year ending 2014'
b. Reports --> Balance Sheet --> Select End Date as 31/12/2014 and it will be 'Balance Sheet as on 31/12/2014'
Please make sure you have posted your year end journals such as Depreciation, Accruals, Prepayments if any.
With regards to opening balances, these should be entered when you create your accounts under Settings => Chart of Accounts.

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