Year End Process
Here are the steps for Year End Process. To learn more, you can also watch this RADIX Online tutorial video:
Year End Process
For Year End Process in Radix, first select the desired company.
1. Go to Utilities > Company > Year End Process.
2. Year-End Processing form will open. Enter fields such as:
New Company Code - This field will be entered automatically by the software. However, if you want, you can change it.
Begin Date, End Date - Here, begin and end dates of next financial year will be entered automatically by the software.
Close Books of Accounts - Tick here to close all books of accounts for this year. Hereafter, you will not be able to do any changes in the current company.
Minimum HSN Code Length - Enter the length of digits of HSN Code here.
Please Note - If the total turnover of your last financial year exceeds 5 crore rupees, then software will automatically display 6 here, which will set 6 digit HSN Code for all the invoices. However, you can change it by entering 4, 6 or 8.
In case, the total turnover of your last financial year is less than 5 crore rupees, then this option will not be displayed. Also, in case you want to maintain 6 digit HSN Code or change it from 6 to 4, then you can do the same from Utilities > Company > Edit Company Information and change Minimum HSN Code Length in GST details section.
Also, once the company is closed, you will not be able to make any changes in this company. To enable changes, you need to first undo Close Books of Accounts through, Utilities > Company > Undo Close Books of Accounts.
3. Click on OK button. Year-End Process will start.
4. When Radix prompts, 'Do you want to continue?', click on Yes button. Year-End Process will be done.
5. New Company will be created. You can now proceed with your work in the next financial year.