Whether your year-end is 28 February, 31 March, or another date, the goal is the same: reconciled control accounts, accurate revenue and expenses, and supporting schedules that tie to your AFS and tax filings.
If your year-end has just passed, you are already in the next financial year — use April–May to close the prior year properly while provisional tax and VAT cycles continue.
Core close tasks
- Bank and petty cash reconciled to the last day
- Debtors and creditors reviewed; old balances written off or recovered
- Inventory counted and valued; obsolete stock written down
- Accruals and prepayments cut off correctly at year-end
- Fixed assets: additions, disposals, and depreciation / wear-and-tear
- Directors' / member loan accounts reconciled
- VAT control agrees to the last VAT201 and creditor tax invoices
- Payroll taxes (PAYE, UIF, SDL) reconciled to EMP201 history
CIPC annual return (separate from SARS)
Companies must file annual returns with CIPC within the prescribed window from the registration anniversary. Late filings attract penalties and can end in deregistration. This is not your income tax return — diarise both.
Look ahead
Use the close to set **budgets**, **cash targets**, and **dividend / remuneration** plans for the new year. If structure, VAT, or systems no longer fit the business you have become, fix them **before** the next busy season.
Active Accounting runs structured year-end programmes for clients so signing deadlines are met without fire drills.
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