To close a fiscal year in bexio, the profit or loss must be recorded with a manual entry.
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Profit/Loss Booking - General
For a proper financial statement, your balance sheet and income statement must be mutually balanced (double proof of success). The profit/loss booking in bexio is best done with your trustee/accountant via account 9200, which is already included in your chart of accounts. Book the profit/loss as of 12/31/20XX with a manual entry. "Accounting" - "Manual entry."
Asset Balance = Liability Balance
The sum of the balances of your assets must match the sum of the balances of your liabilities. In other words, the asset side and the liability side of your balance sheet must be balanced.
Before balancing (before profit/loss booking):
| Assets | Liabilities |
| Assets | Capital |
| Profit |
After balancing (after profit/loss booking):
| Assets | Liabilities |
|
Assets
|
Capital
|
Income Account Balance = Expense Account Balance
The sum of the balances of your income accounts must match the sum of the balances of your expense accounts. In other words, the expense side and the income side of your income statement must be balanced.
| Assets | Liabilities |
| Expenses | Income |
| Profit |
Balanced Accounts
The following accounts must be balanced:
- Account 9000 - Income Statement
- Account 9100 - Opening Balance Sheet
- Account 9101 - Closing Balance Sheet
- Account 9900 - Corrections
These accounts must be balanced (Balance = 0). This means that the debit and credit amounts must be equal.
Tip: The best way to check this is to open the account statement for the respective account and verify the closing balance there.