Year-End Closing in BUSY: Stock, Outstanding, Depreciation and New Year

A clean March closing saves weeks at audit time and keeps GSTR-9 simple. Work through these in order; most can start in February.

1. Before 31 March

• Enter every bill, credit note and expense of the year; ask suppliers for missing bills
• Pay MSME suppliers within their time limit to keep the expense allowable: MSME 45-day rule
• Collect what you can from parties: payment reminders from BUSY
• Plan advance tax and TDS deposits for the last quarter

2. Stock

1. Physical count

   Count stock on 31 March and compare with BUSY's item-wise stock. Post shortages, damage and excess with a stock journal.

2. Valuation

   Value closing stock on a consistent method (cost or market value, whichever is lower). Check items with negative stock or zero rate.

3. Lost or written-off stock

   ITC on goods lost, stolen, destroyed or written off must be reversed in GSTR-3B.

3. Parties, bank and cash

• Send balance confirmations to major customers and suppliers: balance confirmation before audit
• Reconcile ledgers that differ: party ledger reconciliation
• Bank reconciliation for every account up to 31 March: bank reconciliation in BUSY
• Physical cash equal to cash book; no negative cash on any day
• Settle bill-by-bill references so the outstanding report is clean in the new year

4. Year-end entries

• Depreciation on fixed assets by journal voucher, as per the rates your CA gives (Companies Act and income-tax rates differ)
• Outstanding expenses (salary, rent, audit fee, electricity) and prepaid expenses
• Interest on loans and on late payments from parties: interest in BUSY
• Provisions your CA advises, and TDS on year-end provisions where applicable

5. GST and TDS checks for the year

• Sales in books = GSTR-1 for all 12 months; tax paid in GSTR-3B = tax in books
• ITC in books = GSTR-2B; last date to claim missed ITC of the year is 30 November (or the annual return date, if earlier)
• Reverse ITC for suppliers unpaid over 180 days, and check suppliers who have not filed (Rule 37A by 30 November)
• TDS deducted = TDS deposited = TDS in returns; match receipts with Form 26AS / AIS
• Prepare GSTR-9 data early: GSTR-9 / 9C from BUSY

6. Close and open the new year

1. Backup

   Company > Backup Data, and keep a copy outside the computer.

2. Carry balances

   Administration > Change Financial Year, carry forward balances. Full steps: new financial year in BUSY.

3. New invoice series

   Start a new sale series from 1 April. Invoice numbers must be unique within a financial year and up to 16 characters.

4. Lock the old year

   After audit, stop entries in the old year so balances do not change after carrying. If they do, carry again with New & Changed Masters.

Menu names as given in BUSY's own help on busy.in; they can differ slightly by BUSY version, plan and configuration. Take a backup before changing settings.

Want a CA-format balance sheet straight from BUSY? See Customised Balance Sheet and exporting the balance sheet.

General information, not legal advice. GST and income-tax rules change often: check the latest notifications, circulars and GSTN advisories, and consult your CA or tax practitioner for your own case.

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Updated 2026-10-27 · Bharat Busy Care, Authorised BUSY Platinum Partner, Sri Ganganagar