Controls and Year-End

Run these checks before VAT filing, management reporting and financial year-end so subledgers, control accounts and source records agree.

Run the control tie-out

1. Go to Reports > Control Tie-Out.
2. Set the As at date and select Update.
3. Review Trade Debtors, Trade Creditors, Bank and VAT. Each subledger total should equal its GL control-account balance.
4. Investigate any Unexplained difference by opening the related documents, journals and bank reconciliation.

Clear unposted items

Go to Reports > Unposted Items. A final document listed here has no corresponding journal. Open the item, read the problem, correct the underlying account or period issue, and use the available retry action. Do not post a manual duplicate.

Review before year-end

• Complete bank reconciliations and investigate outstanding statement lines.
• Run aged receivables and payables and resolve old or misallocated balances.
• Reconcile inventory value and investigate negative stock or missing costs.
• Review VAT periods, payroll liabilities, fixed assets and depreciation.
• Run the Trial Balance, Income Statement, Balance Sheet, Cash Flow, Control Tie-Out and Unposted Items reports.

Close the financial year

1. Go to Accounting > Year-End Close and confirm the financial year-end month.
2. Review the year shown under Ready to Close and complete every pre-close check.
3. Confirm the close. OxyAccounting closes income and expense balances to retained earnings, saves the closing position and locks the year's periods.
4. Confirm the year appears under Closed Years and rerun the closing Trial Balance and Balance Sheet.

Reopen a year

Reopen only when an authorised correction cannot be made in the current period. Reopening unlocks every period in that year and discards the opening-balance snapshot created by the close. If later years depend on it, reopen them in reverse order, make the correction, repeat the control checks, then close each year again.