Year-end closing — closing the year and opening the next

The screens of this module are currently only in Serbian (the owner’s decision for v1). Labels below are shown in Serbian with the English meaning in brackets.

Year-end closing is a guided procedure in four steps, in the Accounting menu → Year-end closing. Each step posts one journal entry that stays visible in the journal and can be undone (a reversal with a reason) as long as the year is not closed. The steps unlock only after 31 December of the year being closed.

Prerequisites

The page first checks: whether everything is posted (the „Nije proknjiženo“ — Not posted — list must be empty), whether earlier years are closed (classes 5, 6 and 7 from entries before 1 January must be at zero — years are closed in order, because the books are cumulative), whether the VAT returns and depreciation runs are posted, whether the company’s legal form is set. Before the closing entries look at the income statement for the year and the balance sheet as at 31 December; the inventory stocktake and the partner opening balances must be entered.

1. Exchange differences at 31 December

Open foreign-currency items of customers and suppliers are restated at the NBS (National Bank of Serbia) middle rate on the balance sheet date. The difference is posted to 663 (positive) or 563 (negative), and the partner’s line carries the invoice number, so a payment from the bank statement still clears it. Exchange differences posted earlier on the same item are taken into account, so the next year only the change in the rate since then is posted. The programme does not restate the foreign-currency bank account — the accountant does that with a manual entry. When there are no open foreign-currency items or the difference is zero, the step is not needed. The exchange difference at collection itself (the difference between the invoice rate and the payment rate) is not yet posted by the programme — that remains with the accountant.

2. Closing entries for classes 5 and 6

You enter income tax from the tax balance sheet — it is posted as a separate entry (D 721 / C 481), so that the income statement sees it; a sole trader has no tax in the books, and their personal drawings (723) reduce the result. Then one entry of type ZK: all expenses are transferred to 599, all income to 699, both to 710, then 712 and 720; accounts 720, 721, 722 and 723 are transferred to 724, and the net result to 341 (undistributed profit of the current year) or 351 (loss of the current year). The income statement does not read the closing entry, so it stays the same before and after. Undoing the closing entries also reverses the tax entry.

The programme does not calculate income tax — the tax balance sheet (PB 1 / PB 2) and the return are done by the accountant in ePorezi (the tax portal).

If anything else is posted in the year after the closing entries (SEF synchronisation in January, an edited invoice), the page shows it with a red warning and does not allow closing the year or opening the next until the closing entries are undone and repeated. Year-end closing entries are not corrected or reversed from the entry’s page — only by undoing the step, so that the sequence stays whole.

3. Closing the year

After closing, no entry can be posted into that year: manual entries, corrections and reversals are refused, and a document, received invoice or bank statement from that year that would create a new entry ends up in „Nije proknjiženo“ with a message that the year is closed (the document itself is not blocked). The year is unlocked only by the company’s super admin, with a reason that stays recorded; after corrections repeat the closing entries and the opening of the next year.

4. Opening the next year

The books in duplo are cumulative — account balances, partners’ open items, due dates and currencies live across years, so the opening balance is not copied over (copying would double everything). Opening posts only one entry at 1 January: the undistributed profit of the previous year moves from 341 to 340, the loss from 351 to 350. When the result is zero, the step is not needed. If after opening you correct entries in the old year, undo the opening and the closing entries and repeat them.

What is not done

Closing entries through 730 and 700 (settlement and opening of balance sheet accounts) are not posted, and neither is an opening balance entry — the books carry on. Account 711 (result of discontinued operations) is not in the closing chain. Exchange differences on the foreign-currency account and at collection, tax depreciation (OA/POA forms), the tax balance sheet and the return remain with the accountant.