Balance sheet and year-end dates

I’ve recently run the year end process for the last 3 years, but since doing so, my balance sheet doesn’t balance. Not quite sure what I’ve done wrong, but wondered if there was something else I was supposed to done as well?

(Quick note: the only reason I’ve left it until now for the last 3 years, is because we’ve copied everything into QuickFile for the purposes of record keeping and reporting)

We’ve looked into this and it would seem you have posted several year-ends but on different dates:

  • 2011-06-25
  • 2012-06-23
  • 2013-06-22

The system would expect to see year-end dates posted consistently every year on the same date. It looks like this is what is screwing up the balance sheet. Can you confirm what the actual year-end date is for the company?

Hi Glenn,

It always used to go by the Saturday closest to the 25th (hence different dates). I think for the purpose of Quickfile however, we could probably change the dates to realign on the same day. We’ve only started using Quickfile for reporting etc for this financial year, so I’m thinking as long as they’re this year is all ok, it shouldn’t do any damage to our actual figures, should it?

Yep you should keep them consistent, the year end date shouldn’t change from year to year. I think if you change the dates on the year-end journals the balance sheet will reappear. Let me know how you get on.

The standard year-end for Sole-Traders is 31/03. This then aligns with the tax year, anything else and you could have two tax calcs for a single accounting period due to changes in tax rates.

Hi Glenn
All sorted. I just re-done the whole year end process for the same date (which will be the same date going forward!)

It’s always been end of June as that was when I start trading. I would like to realign my tax year, but as it’s just me doing the accounts (can’t quite stretch to an accountant yet!), I’m afraid to attempt anything if I’m honest!

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Hi Matthew, I started a new sole trader business at the end of last year and have declared my first year end date as 31/3/14. I note you have done the ‘whole year end process’ in QF. I am somewhat confused at the moment and wondered if you could share your experience/give me some advice on what steps you need to take. I guess it’s all about closing off accounts and carrying forward balances into the new business year, e.g. bank, cash, debtors, creditors, stock, retained profits etc but I am not sure how to do that. Would be grateful if you could shed any light on this area. Thanks very much. Robin

Hi @gardenman_2803.

If you go into Account Settings > All Settings, there’s an option for “Year End Process”.

Select your tax year (if different to what’s already shown), and you should be able to go from there.

You find this link useful: That should guide you through the process.

However, as stated at that link, it doesn’t produce a finished set of accounts and an accountant should be able to help (or someone else here may be able to help).

Hopefully this helps? :smile:

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