Finalisation of Accounts

Finalisation of Accounts

Every business, big or small, must finalise accounts at the end of the financial year. This process ensures that your books are accurate, compliant, and ready for tax filing, audits, and statutory reporting.

At NEXGENCA, we provide end-to-end support in Finalisation of Accounts, making sure your financials reflect the true and fair position of your business.

What is Finalisation of Accounts?

Finalisation of accounts is the process of closing the books of accounts for a financial year after making all adjustments, reconciliations, and verifications. This ensures that the Profit & Loss Account, Balance Sheet, and other statements present a correct picture of your company’s financial health.

Scope of Finalisation Services at NEXGENCA

1. Ledger Scrutiny & Adjustments

   • Verifying ledgers for accuracy

   • Rectifying errors in entries

   • Adjusting outstanding expenses, income, provisions

2. Bank & Cash Reconciliation

   • Matching books with bank statements

   • Reconciling petty cash balances

3. Debtors & Creditors Reconciliation

   • Ensuring correct balances with vendors & customers

   • Ageing analysis of debtors/creditors

4. Fixed Assets & Depreciation

   • Updating fixed asset register

   • Calculating depreciation as per Companies Act & Income Tax Act

5. Inventory Valuation

   • Verifying stock records

   • Adjustments as per cost/market value

6. Provisions & Liabilities

   • Provision for taxes, audit fees, gratuity, etc.

   • Outstanding liabilities verification

7. Preparation of Financial Statements

   • Profit & Loss Account

   • Balance Sheet

   • Cash Flow Statement

   • Notes to Accounts

8. Tax Computation & Compliance Support

   • Assistance in Income Tax Return (ITR) filing

   • Support for Tax Audit (if applicable)

Documents Required

• Trial Balance / General Ledger

• Sales & Purchase Records

• Expense vouchers & bills

• Bank statements

• GST/TDS challans

• Loan & investment details

• Fixed asset register & stock details

Benefits of Finalisation of Accounts with NEXGENCA

• Ensures statutory compliance with Companies Act, Income Tax Act, GST laws

• Transparent & accurate financial reporting

• Ready for Audits & ROC filings

• Helps in loan approvals & investor reporting

• Clear picture of profit, loss, assets, and liabilities

Why Choose NEXGENCA?

• Experienced Chartered Accountants & CFO experts

• 100% compliance-focused approach

• Accurate, transparent & timely delivery

• Assistance in audit & ITR/ROC filings

• Trusted by startups, SMEs & corporates