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”.

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