What accounting entries should be written for year end closing? Is it just enough to make an annual

If there is no income, there will definitely be no profit, and of course there is no need to accrue surplus reserves.

Business tax and surcharge are generally used to calculate and calculate taxes and fees related to local tax, such as business tax, urban construction tax, education surcharge, local education surcharge, etc. You don't have any income, and you generally don't have "business taxes and surcharges"...

Hope it helps!

The year-end closing accounting entries are as follows:1. Trade union funds.

Trade union funds are withdrawn at the rate of 2% of gross wages.

Borrow: Costs or expenses – union funds.

Credit: Employee Compensation Payable - Trade Union Funds.

2. Provision for depreciation of fixed assets.

Borrow: Cost or expense – depreciation.

Credit: Accumulated depreciation.

3. Amortization expenses.

Borrow: Cost or expense.

Credit: Intangible assets (long-term amortized expenses).

Fourth, the accrual of taxes.

Borrow: Taxes and surcharges.

Credit: Taxes payable - urban construction tax and surcharge.

5. Carry forward various incomes.

1. Carry forward the main business income.

Borrow: main business income.

Credit: Profit for the year.

2. Carry forward other business income.

Borrow: Other business income.

Credit: Profit for the year.

3. Carry forward non-operating income.

Borrow: Non-operating income.

Credit: Profit for the year.

6. Carry-over costs, expenses and taxes.

1. Carry-over costs and taxes.

Borrow: Profit for the current year.

Credit: Cost of Principal Operations.

Taxes and surcharges.

2. Carry forward other business costs.

Borrow: Profit for the current year.

Credit: Other business costs of Lixie.

3. Carry forward non-operating expenses.

Borrow: Profit for the current year.

Credit: Non-operating expenses.

7. Carry forward various expenses.

1. Carry forward management expenses.

Borrow: Profit for the current year.

Credit: Administrative expenses.

2. Carry forward financial expenses.

Borrow: Profit for the current year.

Credit: Finance Expense.

3. Carry forward sales expenses.

Borrow: Profit for the current year.

Credit: Selling expenses.

8. Accrual of income tax.

1. When extracting.

Borrow: Income tax expense.

Credit: Tax Payable – Income Tax Payable.

2. Carry forward income tax.

Borrow: Profit for the current year.

Credit: Income tax expense.

3. Pay income tax.

Debit: Tax Payable - Income tax payable.

Credit: Bank deposits or cash in hand.

9. Profit distribution.

Borrow: Profit distribution - dividends payable.

Credit: Dividends payable.

Debit: Profit distribution - undistributed profits.

Credit: Profit Distribution – Dividends Payable.

When paying, 20% of the individual income tax will be withheld.

Borrow: Dividends payable.

Credit: Other receivables (bank deposits).

Tax payable – personal income tax.

The main things to do before checkout:Cash count, bank balance reconciliation, inventory count, fixed asset inventory, long-term investment check, short-term investment check, current account check, delivery cut-off time, invoice stoppage, expense reimbursement stop.

Check the accounts for updates to accounting policies and accounting standards.

If there is a special matter or a change in accounting policy, it is necessary to respond in a timely manner, and if it is a group enterprise, report it and deal with it in a unified manner.

If there is an anomaly in the financial analysis indicators, it is important to find out the reason and see if it is reasonable.

Tax planning and business performance indicators.

Year-end closing accounting entries, as follows:

Carry-over is based on the flow of funds in the business, and some companies can carry it forward once a month or quarterly. However, regardless of the size of the enterprise, it will be carried forward once a year, which is a summary of the previous year's work. The carry-over entries have been sorted out, including trade union funds, depreciation of fixed assets, amortization expenses, tax accrual, carry-over of various incomes, etc., a total of 10 aspects of carry-over.

At the same time, the process of settling the rubber accounts at the end of the year, as well as the corresponding work content, were placed.

If the profit at the beginning of the year is allocated to the debit side, it indicates the loss of the previous year. The profit carried forward from the current year is used to make up for it, and the balance is still on the debit side after making up, and the loss is still to be made up for in the following years.

Benefits of taking notes

Due to the brain's law of forgetting, we forget more slowly than we have recorded. Human memory is divided into immediate memory, short-term memory, and long-term memory according to the length of time it takes for memory to occur and be maintained. Instant memory, also known as instant memory, is generally used to make an instant response, for example, someone else reported a ** number to you, you remember it in your head, turn around and write it down, this number can no longer be remembered.

The information capacity of long-term memory is very large, and the content can be stored here for a long time, and these contents will also change to a certain extent over time. As the saying goes, a good memory is better than a bad pen, and it is better to take notes honestly than to believe in your own memory. For me, there is another benefit to writing about the state.

The recorded notes can be viewed, checked, and reviewed at any time.

The year-end closing accounting entries mainly involve the carry-forward of the current year's profits, profit distribution, and carry-forward profit distribution, as follows:

1) The profit of the year is carried forward to the undistributed profit.

1.Carry forward the profit for the current year.

At the end of the year, the company should realize the net profit for the whole year. Transfer from the "Profit this year" account to the "Profit Distribution - Undistributed Profit" account

Borrow: Profit for the current year.

Credit: Profit distribution - undistributed profits.

Or make the opposite entry.

Note: After the carry-over, there is no balance in the profit account for the current year.

2.Profit distribution.

1) Withdrawal of surplus reserves.

Borrow: Profit distribution - withdrawal of statutory surplus reserve.

Profit distribution – withdrawal of any surplus reserve.

Credit: Surplus Reserve - Statutory Surplus Reserve.

Surplus Reserve - Arbitrary Surplus Reserve.

Note: Statutory surplus reserve = after-tax profit * 10%.

Discretionary surplus reserve = profit after tax * company's prescribed ratio.

2) Profit distribution.

Borrow: Profit distribution - dividends payable.

Credit: Dividends payable.

Note: The distributable profit of the enterprise = net profit + undistributed profit at the beginning of the year + plus surplus reserve to make up for the deficit + other adjustment factors.

Profit distribution refers to the net profit realized by the enterprise in accordance with the distribution form and distribution order stipulated in the state financial system. A distribution between businesses and investors. The company pays dividends (distribution of profits) to shareholders (investors) after the withdrawal of the provident fund.

The distribution of dividends (profits) should be proportional to the amount of investment made by each shareholder.

3.Carry forward the distribution of profits.

Transfer the balances of other relevant active accounts under the "Profit Distribution" account to the "Undistributed Profit" active account:

Borrow: Profit Distribution - Undistributed Profits, Credit: Profit Distribution - Withdrawal of Statutory Surplus Public Office Side-Product.

Profit distribution – withdrawal of any surplus reserve.

Profit distribution – dividends payable.

Note: After the carry-over, there should be no balance under the profit distribution account except for the "undistributed profit" detailed account.

Period-end closing procedure.

1) Before settling the accounts, all the economic transactions that occur in the current period shall be registered in the accounts and their correctness shall be guaranteed. Errors found should be corrected using appropriate methods.

2) On the basis of the comprehensive accounting of the economic business in the current period, adjust the relevant accounts according to the requirements of the accrual system, and reasonably determine the income and expenses that should be included in the current dust period.

3) Transfer all the balances of each profit and loss account to the "current year's profit" account and settle all profit and loss accounts.

4) The current amount and balance of assets, liabilities and owners' equity accounts shall be carried forward to the next period.

Carry forward the balance of the income, expenses, costs, etc. account to the borrower of the 'current year's profit', and then carry forward the balance of the 'current year's profit' to the 'profit distribution' account, and finally accrue the surplus reserve, distribute dividends, and carry forward the undistributed profit.

Carry forward the balance of the income account to the credit of the "Profit of the Year" account, and the balance of the cost account to the debit of the "Profit of the Year" account, and then carry forward the balance of the "Profit of the Year" account (debit or credit) to the debit or credit of the "Profit Distribution" account after matching.

After transferring the current month's expense income to the current year's profit, transfer the balance of the current year's profit account to the profit distribution - undistributed profit account.

Year-end closing accounting entries:

Carry forward the profit of the current year Distribute the undistributed profit.

Then you can do an annual report.

If the undistributed profit is negative or 0, there is no need to accrue the surplus reserve.

Business tax and surcharge are the subjects to be used when you accrue land tax, and companies with zero income do not need it.

1. The main thing is to check out. Generally speaking, before December 31 (25 to 28), check the income and expenditure of the year, and whether the accounts are equal. If you don't wait or there is a wrong account, adjust the account in time.

2. After settling the accounts, the next step is to make financial statements and reports for the whole year for the person in charge of the unit to review.

3. Establish a new set of accounts for next year, and organize and bind the accounting files of this year. The annual declaration refers to the corporate income tax declaration.

First of all, do a good job in the reconciliation of current business, asset inventory, accrual of various expenses, carry forward income costs and expenses, profit distribution, preparation of financial statements, financial reports.

Similar. Annual declaration refers to the upload of annual statements, including balance sheets, income statements, cash flow statements, corporate income tax returns, etc.