Year-end Xero tasks: what happens and what we need
At the end of each accounting year, Xero requires a few specific actions to close the year correctly and prepare the records for the year-end accounts.
What we do
We lock the year-end date in Xero to prevent changes to past periods, post year-end journals (for items like Corporation Tax provisions, depreciation adjustments, and any prepayments), and run final reports from which the statutory accounts are prepared.
What you need to do before year-end
- Bank fully reconciled with no outstanding unmatched transactions
- All sales invoices raised and approved for the year
- All supplier bills entered, including any invoices received in the final weeks
- All expenses and mileage claims submitted and approved
- Any personal costs paid through the company identified and documented
💡 Good to know: We contact you six to eight weeks before your year-end to begin the preparation process. The more complete your Xero records at that point, the faster the year-end accounts can be finalised and filed.
Not found what you're looking for?
Please get in touch and we'll be happy to help:
Email: You can submit a request using our contact form
Phone: 020 3897 2233
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