Year-end account closing and tax filing preparation

At the end of the fiscal year, transfer all revenue and expense accounts to the profit and loss summary and settle the current year’s profit to retained earnings. Adjust all accrued items (such as interest payable, accrued utilities), prepayments, and inventory write-downs. Compile a complete set of accounts and supporting documents, providing your accountant or tax software (such as QuickBooks, Xero) with a “one-click” data package, significantly shortening the annual tax filing preparation time.