Closing Entries

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

Closing Entries

Please Note: To close book of accounts at the end of the year after completing all the entries & transfer the profit to the P&L account. No transaction can be made after closing entries. Closing can be undone by Undo Closing.

For Closing Entries in Rely, first select the desired company.

1. Go to Utilities > Company > Closing Entries and press Enter key.

2. When Rely prompts 'Do you Confirm?', select Yes option and press Enter key. Likewise, select Yes in all the other options.

3. In Closing Stock, enter the value of Closing Stock and press Enter key.

4. When Rely prompts 'Do you Confirm?', select Yes option and press Enter key, Profit/Loss will be transferred to Capital Account. Closing Entries will be done.