Financial year & reports
Close a financial year and export all reports for the audit and tax advisor as PDF or CSV.
At the end of each year you close the financial year and pull the reports – for the annual general meeting, the cash audit and the tax advisor. SinfoniaOne puts together all the analyses ready for you.
The financial year
A financial year bundles together all transactions, budgets and balances of a period – usually the calendar year. You create one financial year per year; all ongoing operations then run within it.
Closing a financial year
Prepare the closing
Make sure that all transactions of the year are recorded and that the account balances are correct. It's best to compare the balances one last time against the real bank statements.
What the closing does
With the closing, two things happen automatically:
- The closing balance of each account is carried over as the opening balance into the following year – you don't have to type it in.
- The transactions of the closed year are finalized and can afterwards only be reversed.
Think the closing through carefully
After the closing, the year's transactions are finalized. So take your time beforehand to check whether everything is complete and correct – a finalized year can only be corrected via reversing counter-entries.
The reports
You can export all reports as PDF or CSV:
- Journal – the complete list of all transactions of the year.
- Income and expense statement – the comparison of all income and expenses, the centerpiece of the annual financial statement.
- Asset overview – the balances of all accounts, i.e. what the club owns.
- Budget vs. actual – the planned-versus-actual comparison of estimate and reality.
- Audit package – a bundled compilation for the auditors, with everything they need for the cash audit.
- CSV export – a spreadsheet file for the tax advisor for further processing.
Made for auditors and tax advisors
The auditor may only read the cashbook – but they can pull all reports themselves, in particular the audit package. That way they can audit the accounts without anyone having to look things up for them. You pass the CSV export on to your tax advisor.