Closing the financial year
This is the first year I am using ZOHO Books and I want to close my financial year for last year.
I have gone through and checked all transactions are correct, written off bad debts and reconciled all accounts. I have also read through the tips for closing the year and followed all of these.
Once this is done though I am not sure if anything else has to happen. Is there somewhere that i am supposed to record that the financial year has ended? I have looked through and not been able to find anything to record this. Or do I just move on with the new years transactions?
Also, I read in the tips that I should transfer my owner drawings to owners equity but cannot see how to do this. Is there a guide available?
Thanks.