Close Books of Accounts

Here are the steps to Close Books of Accounts. To learn more, you can also watch this RADIX Online tutorial video:

To Close Books of Accounts in Radix, first select the desired company.

1. Go to Utilities > Company > Close Books of Accounts.

2. Close Books of Accounts form will open. Closing Stock and Stock in Trade accounts will be displayed.

3. Enter the Value of Stock i.e. the closing stock's value here. You can also do multiple Closing Stock and Stock in Trade entries here.

4. After entering value of stock, click on Close Books button.

5. 'Transfer Profit and Loss to Capital Account' form will open here.

6. Here, you may select the Capital Account in which Company's Profit or Loss needs to be transferred. Also, enter the ratio of Profit/Loss percentage to be transferred.

7. Once done, click on Transfer button. Your books of accounts will be closed.

8. Once books of accounts are closed, you cannot add/edit/delete anything in that Company. To modify anything, first you need to Undo Close Books of Accounts.

9. To do the same, go to Utilities > Company > Undo Books of Accounts.

10. When Radix prompts, 'Are you sure you want to Undo Close Books of Accounts?', click on Yes button. You can now use Books of Accounts again.