How to zero accounts to close down company?

Jacky

Hi i'm still pretty new to accounting and there's a company I would like to close down/strike off.

How should i go about closing down the accounts as the regulations requires me to zero out all my accounts?

AlexL

Hi @Jacky . If you follow along with the instructions listed below, you should be able to close out your accounts.

1. Run an income statement for the year. This will give you all of your income and expense final balances.
2. Save this statement in excel or as a PDF so you have all of the balances saved.
3. Click Accounting > Transactions > More > Add journal transaction.
4. Enter the balances as opposite of how they appeared on your income statement.
5. Note that the amount of Net Income on the Income Statement matches the amount of the debit to Owners Equity.