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The end of the financial year is the period when you close your business's financial books for the previous fiscal year. This period involves reviewing and reconciling all of your business transactions to prepare an accurate financial statement for your business. Doing this is necessary for tax purposes.

For federally and non-federally sponsored contracts, documents should be retained for a minimum period of seven years from the date of submission of the final invoice. Note that federal contracts are subject to the requirements of the Federal Acquisition Regulations (FAR).

Section 286 of the Corporations Act requires financial records to be kept for at least seven years after the transactions covered by the records are complete.

A tax year is usually 12 consecutive months. There are two kinds of tax years: Calendar Tax Year: This is a period of 12 consecutive months beginning January 1 and ending December 31; or. Fiscal Tax Year: This is a period of 12 consecutive months ending on the last day of any month except December.

A financial year-end is often referred to as a fiscal year-end. This is the date that ends a one-year period for tracking business finances. In other words, it is the annual accounting period. This means rather than financial reporting from January 1-December 31 you use a different date range to span a 12-month period.

You must be able to produce receipts, invoices, canceled checks or bank records that support all expense items. You should also keep sales slips, invoices or bank records to support all income items. These records should be retained for at least 10 years after they have expired.

Year End (YE) documents are used to record transactions that occurred during a fiscal year, but were not recorded prior to the end of the final accounting period for that fiscal year.