Is doing the Year End compulsory?

[adriang]

Hi

I currently use a very old desktop based copy of Quickbooks and my accountant doesn’t require me to bother with depreciation or year end procedures.

Clearly, I need to update my accounting system for MTD etc., but before I switch over to using Quickfile I’d like to know:

A) Is it compulsory to run a Year End procedure at the end of every accounting year?

B) Is the recording of depreciation compulsory?

Thanks

Adrian

[Paul_Courtier]

A) yes

B) yes and no

You should run a year end process because it will allocate balance sheet entries to the correct places. Such as retained profit.

Depreciation can be handled by your accountant but he/she should tell you to add the figure at year end before you lock it off.