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Accounting 💰

How to Close the Financial Year in myBillBook?

Written By Team Flobiz

Last updated Over 1 year ago

Feature Overview

Closing the financial year in myBillBook ensures a smooth transition to the new accounting year. This process helps businesses maintain organised financial records, set new voucher prefixes, and start fresh without affecting historical data.By following a few simple steps, users can close the current financial year and begin the new one seamlessly.

Step-by-Step Guide

Step 1: Visit myBillBook

  • Open myBillBook and log in using your credentials.

Step 2: Access Settings

  • Click on the Settings option from the main menu.

Step 3: Go to Manage Business

  • Under Settings, select Manage Business.

Step 4: Initiate Year Closure

  • Tap on Close Financial Year.

Step 5: Confirm & Continue

  • Click on the checkbox to confirm the closure.

  • Click Continue to proceed.

Step 6: Set New Voucher Prefixes

  • Choose whether to set custom prefixes for sales, purchase vouchers, and other transactions.

  • Alternatively, continue with the suggested prefixes.

Step 7: Complete the Process

  • The current financial year will be closed, and a fresh new year will begin

Watch How to Close Financial Year

FAQs

Closing the financial year archives past transactions, allowing users to start a new year with fresh financial records while keeping historical data intact.

No, once the financial year is closed, it cannot be undone. Ensure all transactions and reports are finalised before proceeding.

No, all past financial data remains accessible in reports. Closing the financial year simply organizes records for the new year.

Yes, you can update voucher prefixes anytime under Invoice Settings.

No, myBillBook automatically carries forward the relevant balances when you close the financial year.

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