Year End Tool doesn't calculate entries for end of year accounts

[Bobnoise]

I was expecting the year end tool to be related computing the entries for the end of year accounts. The CT calculator only gives part of the information required for a Company Tax Return. The simplified year end tool seems to have no bearing on this what so ever.

[QFMathew]

Hi @Bobnoise

The year end tool simply moves the balances to a different nominal code for the purposes of the balance sheet, but it doesn’t prepare a final set of accounts. We would recommend you seek professional advice from an accountant to facilitate this process.

Please see our Knowledgebase article for more information on this tool:

Simplified year-end tool

Need help filing your year-end accounts with Companies House and HMRC? Get live quotations for completing your year end formalities with our new Price Comparison Service. The Price Comparison service enables you to compare quotes from many accountants based on price, turnaround time, ratings and reviews. Introduction When you reach the end of your financial year, there is a procedure that needs to be completed. This procedure “Transfers” all balances from the profit and loss for the year th…

[Bobnoise]

can you considering re-naming it, as its not a year end tool?

[liam]

I would argue that it is a year-end tool. Most other accounts software will refer to it by this name, like on Sage for example, on which you would “run the year end” to close off the year and clear the P&L ready for the new accounting year.

Quickfile and other software like it are used for recording day-to-day transactions of a business, but are not used (at least not entirely) for preparing year end accounts for the purposes of a tax return.

[Bobnoise]

I would argue that it isnt useful as a year end tool for any company that doesnt use end of March as a year end.

There is absolutely nothing useful I can do with it.

When I subscribed I saw there was a year end tool and now having tried to use it, i’ve found the service offered is not in any way relevant.

The name year end tool is misleading

[QFMathew]

@Bobnoise

I would argue that it isnt useful as a year end tool for any company that doesnt use end of March as a year end.

The year end tool will use the date specified in your company settings. If your year end is being picked up correctly, please review your setting in Account Settings >> Company Settings, and that should sort it.

@Bobnoise

When I subscribed I saw there was a year end tool and now having tried to use it, i’ve found the service offered is not in any way relevant.

The name year end tool is misleading

The tool is designed to be used at year end, as @liam mentions, which would close of the year and clear the profit and loss by moving the balances to a retained profits nominal code on your balance sheet. It shouldn’t be run at any time other than year end. This puts your accounts in a useful state ready for your accountant to finalise them and prepare them for HMRC and Companies House (if relevant).

For a complete rundown on what the tool does, I highly recommend checking out our guide that I linked to above as this explains it in more detail than what I have.