How to close the Profit & Loss account (Income and Expense Accounts) in ADDA

How to close the Profit & Loss account (Income and Expense Accounts) in ADDA

Follow these steps to close the Profit & Loss account at the end of a financial year.

Step 1: Complete the Year-End Process
Log in to ADDA.
Navigate to Admin Dashboard → General Ledger → Trial Balance.
Select Perform Year End.
Review all accounting entries to ensure they are correct.
Once verified, the Freeze option will appear. Click it to lock the accounting year.

Step 2: Transfer Balances to Retained Earnings
Click on Automatically Pass Retained Earnings.
Select the applicable Financial Year.
Click Choose Financial Year.
Check the Total Income and Expense figures displayed at the bottom of the screen.
Click Pass Entries into Retained Earnings for Account Closure.

After completing these steps, all Income and Expense accounts will be closed for the selected financial year.



    • Related Articles

    • How to Check Transaction Details and Entries in Detail On ADDA?

      Step-by-Step Instructions Step 1: Log in to the ADDA Admin Portal. Step 2: Click on the Admin option. Step 3: Go to General Ledger and click on Query. Step 4: Under Query, click on By User. Step 5: Select the required date range and click on Fetch ...

    • How can a community opt for Boom Barrier integration?

      The community needs to: Share boom barrier / ANPR setup details Agree on commercials Complete technical feasibility and configuration ADDA will confirm the scope and timelines post-evaluation. Author: Danish

    • Is online payment available for amenity reservations?

      Yes. You can make an online payment while booking an amenity through ADDA. Availability depends on whether your HOA has enabled and configured the payment gateway for amenity bookings. If online payments are enabled, you’ll see the payment option ...

    • Can I see my consent history?

      Yes. Residents can view their consent activity history directly within the ADDA app. The consent logs are displayed from the most recent to the oldest and show when a consent was: Given Withdrawn This helps residents maintain full transparency over ...