Once the year-end entries have been made and it has been verified that all entries for the financial year balance, the result for the financial year is recorded. The result can also be recorded later; it does not affect the printouts of that financial statement. However, the reports for the following financial year (income statement and balance sheet) will show difference in the result of the financial year if the result entries from the previous financial year have not been made. In this case, there will also be a discrepancy at the end of the general ledger, even though the entries for that period balance out. Before printing the tax form, the result entry must be completed.
The result for the financial year is recorded in the financial statement on the last day of the financial year, in the income statement's profit/loss account for the financial year and in the corresponding balance sheet's profit/loss account for the financial year.
On the first day of the following financial year, the result is recorded from the balance sheet's profit/loss account for the financial year to the profit/loss account for previous financial years.
Recording Profit:
31.12.2018: 9999 (Profit for the Financial Year) debit 2371 (Profit for the Financial Year)
1.1.2019: 2371 (Profit for the Financial Year) debit 2251 (Profit/Loss from Previous Financial Years)
Recording Loss:
31.12.2018: 2375 (Loss for the Financial Year) debit 9998 (Loss for the Financial Year)
1.1.2019: 2251 (Profit/Loss from Previous Financial Years) debit 2375 (Loss for the Financial Year)
No other actions necessary for closing the financial year need to be performed in the program. The ending balance of the previous financial year's balance sheet will automatically appear as the opening balance for the next financial year.
If the result of the previous financial year has not been recorded, the result for the next financial year will appear incorrectly in the balance sheet.
In the entries presented above regarding profit/loss, accounts from Liikekirjuri were used.
In Kiinteistökirjuri, the corresponding accounts are 9998 Loss for the Financial Year or 9999 Profit for the Financial Year, 2170 Profit (Loss) from Previous Financial Years, and 2180 Profit/Loss for the Financial Year.
In Kiinteistökirjuri, the accounts are 2251 Surplus/Deficit from Previous Financial Years, 2370 Surplus for the Financial Year, 2375 Deficit for the Financial Year, 9999 Profit/Loss for the Financial Year. It is always possible to create additional accounts yourself. Read more about creating your own accounts here.