How to close Profit & Loss account (Income And Expense Accounts)?

How to close Profit & Loss account (Income And Expense Accounts)?

Log in to ADDA -->> Admin Dashboard -->> General Ledger -->>Trial Balance -->>Please find the option “Perform Year End” -->> After checking all activities freeze option will start showing. Once you click on it, the accounting year will be freezed.



Click on Automatically Pass Retained Earnings -->> Select The Financial Year -->> Click on “Choose Financial Year” -->> Verify Total Income And Expenses at the bottom of the page -->> Click “Pass Entries into Retained Entries for Account Closure”.




    • Related Articles

    • I would like to close and freeze my books of accounts, how can that be done on ADDA?

      Please refer the steps below to close and freeze my books of accounts Step 1:- Go to General Ledger –>> Trial Balance –>> Perform Year End —>> Mark “Status” as Done –>> After selecting all activity, click on “Save Changes”. (NOTE:- You can check here ...
    • How do I view the Balance Sheet, Profit and Loss Statement as an auditor?

      Log in to ADDA -->> Admin Dashboard -->> General Ledger -->> Reports -->> 14. Balance Sheet, Profit & Loss Report.
    • How to add Income Head?

      Kindly follow the below steps to ADD the income head: Step 1: Go to Admin -->> General Ledger -->> Chart of Accounts Step 2: Select the respective option from Income for the type of ledger account you want to create. Step 3: Select the Group from ...
    • How to create ledger account?

      Creating Ledger Accounts: System will be having some accounts by default which will be used by most of the Apartments. And if required, more ledger accounts can be created for Assets/Liabilities/Expense/Income. Step 1: Login to ADDA >> Admin >> ...
    • What is Income Tracker ?

      Income Tracker is a specialised module within the ADDA platform designed to streamline and manage both member(Resident) and non-member(Other Than Resident) incomes for residential communities and homeowners associations.