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How to prepare the financial reporting

The final step in the period closure is managing the financial reporting. Once all financial transactions are correctly processed, various reports can be generated in MKG. This includes not only mandatory reporting to the Tax Authorities but also various internal reports.

 

 

After all financial transactions have been correctly processed in MKG, information can be extracted from MKG in various ways. This includes not only the mandatory reporting to the tax authorities but also various internal reports.

 

 

Step 1: Prepare external reporting

 

Open the Turnover Tax module and take care of the VAT declaration (or the ICP declaration) from the 'VAT' tab and submit it. This can be done electronically if set up in MKG.

 

 

Step 2: Prepare internal reporting

 

In the My Company module, you will find several standard reports and dashboards relevant to internal reporting:

  • Using the Period Balance (8628) report or the Period Balance (8005) dashboard, compare the results of the closed periods in the fiscal year.
  • Using the Result Comparison (8670) report or the Result Comparison (8011) dashboard, compare the result of the period or the result up to this period with the budget or previous years.
  • An overview of outstanding items debtors and aging analysis of these items based on due date and/or invoice date can be found in the Outstanding Items Debtors (8513) report or the Outstanding Items Debtors (8001) dashboard.
  • An overview of outstanding items creditors and aging analysis of these items based on due date and/or invoice date can be found in the Outstanding Items Creditors (8500) report or the Outstanding Items Creditors (8002) dashboard.

 

 

Period Closure Checklist | To clearly visualize the financial result at the end of a period (year, quarter, month), a number of steps must be taken. This checklist serves as a guide when performing the period closure in MKG. Or go directly to one of the following items:

 

 

periodvat declarationbalance sheetprofit & lossperiodic balance sheet (8628)turnover taxicp declarationresultresult comparison (8670)outstanding items debtors (8513)outstanding items creditors (8500)ledger account result comparison (8011)periodic balance sheetoutstanding items debtorsoutstanding items creditorsoutstanding items creditors (8002)outstanding items debtors (8001)periodic balance sheet (8005)