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Finalization of accounts

Bhavesh (Accounts) (899 Points)

09 November 2013

I want to Know in the simplest way to prepare a Finalization of Accounts in easy steps, for all the types of entity. can anybody let me know the easy steps to follow it. Thanks in advance.

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5 Replies

(Guest)

In simple, you need to prepare financial statements of the organization.

If you are using any accounting software like Tally, then you need to pass just Journal Entries, rest it will do automatically. Like Cash flow satement, Balance Sheet, Profit and loss a/c, VAT Returns etc

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S JEEVARETHINAM (Sr Manager Finance and Taxation) (144 Points)
Replied 09 November 2013

Hi Bhavesh, Finalisation of Accounts also mean that passing entries towards Accounting Depre, Prepaid, Entries for Provision for Expenses & Accrued Income (i.e.,If expenses accounted and related income is not booked, income is booked and related expenses are not accounted), adjustment entry VAT,S.Tax,Excise Input credit adjustment entry to VAT & S.Tax, Excise Payable, Entry for Loan interest, STax payable captured on any advance received against client,

Best you prepare a check list of finalisation entry according to your company.

CA Afzal Hussain (Chartered Accountant) (21 Points)
Replied 09 November 2013

Tally is a General Purpose Software which helps in accounting...

U might have Command over excel.... so even u can get better results and customise your Financial Statement... If I have prepared an excel file where if u ll post trial your Balance sheet with Schedules will appear ... just match your Ledger Name with the ledger in File.