Quick Start Manual

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Manual

Intro
BizFusion Trial
User Interface
Contacts Module
Products Module
Discount Rules
Inventory Module
Sales Module
Purchase Module
Bills & Receipts
Projects
Subscriptions
Credit note / Returns
VAT Module
VAT over margin
European Trade
Foreign Trade
VAT Shifted
US Sales Tax
VAT Correction
Manufacturing
Assets Module
Current Account
Accounting Basics 1
Accounting Basics 2
Accounting Advanced
Year End
Owner Equity
Income Tax
Banking Module
Payments
Loans
Financial Lease
Cross Payment
CSV Statement
Data Import
Data Export
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Close Fiscal Year / Year end process


You need to close your ledger at the end of year.
Closing your ledger prevents you from posting documents in a previous year.
This prevents hard to track mistakes in your accounting data.

The account 'Running Profit' is a cumulative account and only shows the
correct amount when the previous fiscal year has been closed.

Important
You don't have to immediately close your fiscal year on December 31.
In BizFusion, you can immediately start entering invoices and receipts in the following year.

The year end procedure consists of 5 easy steps.




Step 1: Create Fiscal Year


Go to: 'Accounting > Fiscal Year' and click on 'New Record'.
Specify the year that you want to close.

A fiscal year runs from January 1 to December 31.
This means that the fiscal year is the same as the calendar year.

In BizFusion, the terms calendar year, accounting year and fiscal year are all interchangeable.




Step 2: Open Documents


A fiscal year can only be posted when all concept documents have been posted.

Go to: 'Accounting > Fiscal Year > Open Documents'.

Make sure that this list is empty.
If you don't want to post a document in the current year, then move the document over into the next year.
You do this by simply setting the document date to January 1 of the next year.




Step 3: Post Depreciations


Go to: 'Accounting > Asset' to post the depreciations on your assets.
The maximum percentage that you're allowed to write off per year on your assets differs
per country.

In the Netherlands, entrepreneurs are allowed to write off 20% (maximum) of the book value per year.
This means that you can fully depreciate an asset in five years.




Step 4: Close Fiscal Year


We're now ready to close the fiscal year.
Go to: 'Accounting > Fiscal Year'.

Open the fiscal year and click on 'Save & Post'.

What happens behind the scenes when you post a fiscal year?

The amount on account: 'Owner withdraw/deposit' is posted to 'Equity / Capital'.
The amount on account: 'Running Profit' is posted to 'Profit Previous Year'.




Step 5: Profit Split


You can run the profit split wizard after that.
The profit split is not an obligatory part of the year end procedure, but this is a good moment as any
to split the profits.

Go to: 'Accounting > Fiscal Year' and click on 'Profit split'.
Follow the steps in the Profit Split Wizard.

Note: the profit split is posted in the following year.

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