As FY ‘24 ends and FY ‘25 starts, there are a range of activities we recommend doing on Refrens to ensure accurate financial reporting, compliance with regulatory requirements, and preparation for the upcoming year. Let’s see what you need to take care of:


1) Reset Document Number Series

At the end of each financial year, it is recommended to reset your document number series. This helps you -

  • Organize your financial records, making it easier to track transactions and maintain accurate accounts for each fiscal year.

  • Ensures regulatory compliance, as some laws mandate specific numbering systems.

  • Correct numbering errors (if any) for the new FY.

    See how >

2) Close the books

Closing the books marks the end of your accounting period. It's vital for accurate financial reporting, tax preparation, and setting the stage for the next fiscal year.

How to close the books?

  • Ensure all financial transactions for the year have been recorded.

  • Reconcile all accounts, including bank accounts, accounts payable, and accounts receivable.

  • Make necessary adjustments such as accruals, deferrals, and depreciation.

  • Generate Income Statement, Balance Sheet, and P&L report.

    Learn about advanced accounting on Refrens>

    Need help? Ask your account manager for a demo OR reach out to us on chat support.

3) Reconcile Inventory

Physical inventory counts are crucial for verifying the actual stock against what's recorded in your books. It affects the cost of goods sold, tax obligations, and business planning.

How to do this?

  • Conduct a physical count of your inventory.

  • Compare the results with your inventory records.

  • Adjust the records to reflect the actual inventory count.

    Learn more about inventory management on Refrens>

    Need help? Ask your account manager for a demo OR reach out to us on chat support. 


4) Review user roles & permissions

Ensure that every team member has the right level of access to your business account - neither more, nor less. 

Also, ensure that your accountant is added to your Refrens account so you don’t have to do any manual back-and-forth with them for documents & report sharing.

Learn more about user roles & permissions>