Here are the steps for Year End Process. To learn more, you can also watch this RELY Online tutorial video:

Year End Process

For year end process in Rely, first select the desired company.

1. Go to Utilities > Company > Year End Process.

2. When Rely prompts, 'Before Year Ending Process: It is highly recommended that you take backup of your data.', If you have already taken the backup, select 'OK' to Continue Transferring Balance or select 'Cancel' to skip transferring now?. Here, if you have taken the backup, select OK and press Enter key. Otherwise, select Cancel option and first take backup and then do year ending process.

3. Enter fields such as:

New Company Code - This field will be entered automatically by the software. However, if you want, you can change it.

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.

Begin Date, End Date - Here, begin and end dates of next financial year will be entered automatically by the software.

4. Press Enter key and then in ‘Do you confirm?’ select Yes option and press Enter key. Year-End Process will be done.

5. New Company will be created. You can now proceed with your work in the next financial year.

Related Topics:

1. Open Company