Enter any correction journals that your accountant has given you.This makes sure that your balance sheet reflects the correct bank balances and that any gains or losses due to currency fluctuations are reported on your profit and loss. If you use foreign currencies, revalue your bank accounts. You can't close a period until you've done this. Process your standing orders and direct debits up to the end of the year. Remember to post any transactions that you normally enter at the end of a period such as prepayments and accruals. You can still allocate transactions even when they're posted in different financial years. You don't have to allocate everything before the end of the year, although it is good practice. Post all day to day transactions and allocate as much as possible. Year end process Make sure your accounts are up to date
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