The Closing of accounts tools allows creating financial statement for an incorporated company, an association or an apartment house company. This article covers information about the Closing of accounts tools view, basic info about creating a financial statement and the tools to use in Procountor when creating a financial statement.
The Closing of accounts tools view can be accessed by choosing Accounting > Closing of accounts tools. Balance sheet itemisation can be found from its own view, from Accounting > Balance sheet itemisation.
Creating the financial statement
A summary of the process of creating a financial statement can be found below. Exact instructions can be found here.
1. Before starting to create a new financial statement, all journal receipts, accruals and postings of the financial year must be created.
2. When the accounting of the financial year is final, the reporting database must be updated by clicking on the Update reporting database button in order to make sure, that all accounting entries are retrieved to the financial statement document.
3. After all the accounting entries are done, it must be verified that the income statement and the balance sheet are balancing.
4. Close the last tracking period of the financial year.
5. Create balance sheet itemisation.
6. Create income statement, balance sheet and additional attachments.
7. Create the financial statement document.
8. Print the financial statement document out and sign it. If the document will be audited, it is done at this point.
- The signing can be also done electronically by using Finago Signature service.
9. After the financial statement document is signed and the auditor has given the auditor’s report, the document can be saved and archived by clicking on the Export from file to archive button. There is also a button Export financial statement to archive, which can be used if you want to export the financial statement without signatures into archive which is the same version that can be found on Printable financial statement -button.
10. Close the financial year.
11. Transfer the profit (loss) of the financial year from the account 2370 Profit (loss) for the financial year to the account 2250 Retained earnings (loss).
Sections of the view
Closing of accounts tools
- Financial year being edited field shows the financial year, for which the the financial statement is about to be created. The financial year being edited is always the oldest open financial year.
- Last update field shows the last time the reporting database has been updated.
Financial statement template
- Download template button opens Procountor’s default financial statement template in a Word form.
- Upload template button enables uploading a financial statement template from user’s own files.
- Restore default template removes the financial statement template the user has uploaded and restores Procountor’s default template.
- Further information about financial statement template can be found here.
Financial statement items
- The section includes the editable versions of income statement, balance sheet and additional attachments. Also, the timestamps of their creations are showing.
- Further information of financial statement items can be found here.
Other closing of accounts tools
- The section enables observing the reports of open purchase and sales invoices.
- The Show button on Open sales invoices field opens a HTML formed listing of the open sales invoices at the end of the financial year. If the balance sheet itemisation is done outside Procountor, the opens sales invoices can be retrieved with this function. The listing is done by the invoice dates, not by receipt dates.
- The Show button on Open purchase invoices field opens a HTML formed listing of the open purchase invoices at the end of the financial year. If the balance sheet itemisation is done outside Procountor, the opens purchase invoices can be retrieved with this function. The listing is done by the invoice dates, not by receipt dates.
Top part buttons
Printable financial statement
- Button opens the financial statement as a default in a text document. By clicking on the arrow on the right side of the button, it is possible to choose if the document is opened as text document or PDF file.
- If the used financial statement template is the Procountor’s default template, or if the company’s own template is Procountor’s default template that has been modified in a way that the info between << >> characters has not been manually edited, Procountor will automatically retrieve the figures between << >> characters.
Export financial statement to archive
- Procountor archives the financial statement document to the Archived financial statements view in a same form as it is shown when clicking on the Printable financial statement button.
- Archived financial statements can be found from Archived financial statements view which can be accessed by choosing Accounting > Archived financial statements.
Export from file to archive
- Button enables uploading the financial statement from users computer to Procountor’s archive.
- Only the PDF formed files can be saved to the archive.
Update reporting data base
- The button updates the data base needed for using the closing of accounts tools. The data base is automatically updated every night.
- If the accounting has been edited or new receipts have been added during the day, the data base must be updated in order to ensure the data base is up-to-date.
- It should be considered, that closing of accounts tools retrieve all transactions of the financial year, also the unfinished ones, i.e., there must not be any unfinished transactions when creating the financial statement.
- If there are unfinished transactions, they should be processed to be transactions or to be accrued to the next financial year, if they are not meant to be considered in the accounting of the financial year to be closed.