How to Close Books of Accounts: A Step-by-Step Checklist for SMEs
Quick Summary Closing books of accounts means reviewing, reconciling, and finalizing every financial record for the year so your financial statements are accurate and your tax returns are filed correctly. For FY 2025–26, Indian SMEs should reconcile all bank accounts, verify receivables and payables, review inventory, reconcile GST and TDS filings, pass year-end adjustment entries,…