Year-end close in POSfix — the full checklist

The year-end close is the most important accounting process of the year. It covers checking that the documents are complete, the inventory count, the balance reform (closing the revenue and expense accounts through account 351), generating the financial statements and filing the VEN12 declaration.

This guide walks you through every step, in order: what the wizard does on its own, what you fill in and where you check the result.

The balance reform is done by the December closing wizard

The journal entries that close the 6xx and 7xx accounts are generated by the closing wizard run on December: Sidebar → Accounting → the Accounting Periods tab → Start Closing → the Confirmation step. Two of the wizard's steps run in December only — Income Tax Calculation and Balance Reform.

The wizard does not cover the whole year, though. You close what remains yourself, with manual operations — see Step 14. Steps 13–17 describe what the wizard produces, what you fill in and how you check the result.

Calendar

The VEN12 declaration and the financial statements have different deadlines, and the one for the statements depends on the type of entity. Don't mix them up and don't memorize them: you see the current year's deadlines in Sidebar → Fiscal Calendar.

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Indicative calendar

Period	What you do
1-15 ianuarie	You check that the December documents are complete, you import the last bank statements
15-31 ianuarie	December salary calculation, December depreciation, stock and fixed-asset inventory counts
1-15 februarie	Currency revaluation at 31.12, provisions, trial balance check
15-28 februarie	You run the closing wizard on December: income tax + the balance reform
1-20 martie	You generate the financial statements, prepare VEN12, run the final check
before the deadline in the Fiscal Calendar	You file VEN12 with SFS
before the deadline in the Fiscal Calendar	You file the financial statements with BNS

The calendar above is indicative — only the two filing deadlines are mandatory. You adapt the internal order to your company's specifics.

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The full checklist — 20 steps

Walk each step in order. Tick only after an actual check.

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Step 1: Check that the December documents are complete

☐ Every December supplier invoice is recorded

Where to find it: Sidebar → Purchases → the Supplier Invoices tab

• Filter on December
• Check that you have the invoices from every active supplier
• Check the e-Facturas received → e-Factura
• Check the physical office and the email for outstanding invoices

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Step 2: Check the December sales documents

☐ Every December sale is recorded and posted

Where to find it: Sidebar → Sales → the Sales Invoices tab

• Filter on December
• Every document must be in the Posted status (not Draft)
• Check that they match the deliveries actually made

More details: Sales documents

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Step 3: Import and reconcile the last bank statement

☐ The bank statement of 31 December is imported and reconciled

Where to find it: Sidebar → Money → the Bank Statements tab

• Import the statement for the last banking day of December (usually 30 or 31 December)
• Repeat for every bank account of the company
• Check: the balance of account 242.1 (lei) or 243.x (foreign currency) in POSfix = the balance in the bank statement

More details: Bank statements

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Step 4: December salary calculation

☐ The December salary is calculated and confirmed

Where to find it: Sidebar → Team → the Salary Calculation tab

1. Check the December timesheet → Timesheet
2. Calculate the salary → Salary calculation
3. Post it — the entries are generated: Dt 713.1 (or 811.1, for production staff) / Ct 531.1 for the gross salary, Dt the same expense account / Ct 533.1 for the 24% employer social contribution, Dt 531.1 / Ct 533.2 for the 9% health contribution withheld, Dt 531.1 / Ct 534.2 for the income tax withheld
4. Generate the payroll orders → Payroll orders

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Step 5: File the personnel declarations for December

☐ IRM and IPC for December are filed

Where to find it: Sidebar → Team → the IRM tab and Sidebar → Reports → the IPC tab

• IRM reports the changes in employment relations during December (hires, terminations, suspensions, resumptions) — not salaries. Create the document, use the automatic fill, check the termination reasons and send it
• IPC reports the calculated salaries, the contributions and the income tax withheld, with XML export conforming to the SFS XSD
• You see the month's deadlines in Sidebar → Fiscal Calendar

More details: IRM report

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Step 6: Calculate the depreciation for December

☐ The December monthly depreciation is calculated and posted

Where to find it: Sidebar → Accounting → Assets → the Depreciation & Amortization tab

The monthly document is generated from the depreciation schedule and stays correctable while it is a Draft. If you don't post it separately, the December closing wizard posts it, at the Confirmation step.

1. Open the December document
2. Check the amounts on each asset
3. Post it

More details: Depreciation

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Step 7: Stock inventory count

☐ The stock inventory count at 31 December is done

Where to find it: Sidebar → Nomenclature → the Inventory Counts tab

1. Do the physical count of the stock
2. Record the results of the count in POSfix
3. Settle the differences:

Situation	Journal entry
Shortages and losses	Dt 714.4 Expenses on shortages and losses / Ct 217.1 Goods purchased for resale
Surpluses	Dt 217.1 Goods purchased for resale / Ct 612.4 Income from surpluses found at the inventory count
VAT adjustment on shortages above the wastage norms	Dt 714.4 / Ct 534.4 VAT liabilities
Shortage charged to a person	Dt 226.2 Receivables for the recovery of material damage / Ct 612.3 Income from the recovery of material damage

Don't forget the VAT. For goods missing above the wastage norms, the VAT deducted at purchase loses its right of deduction — you return it to the budget.

The inventory count document records the shortages and the surpluses on its own. The VAT adjustment and the charge to the storekeeper it does not — those you enter as manual operations, from Sidebar → Accounting → the Manual Operations tab.

More details: Inventory count

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Step 8: Fixed-asset inventory count

☐ The fixed-asset inventory count at 31 December is done

Where to find it: Sidebar → Accounting → Assets → the Asset Inventories tab

• Check the physical existence of each asset
• Check its technical condition
• Settle the differences (if there are missing or damaged assets)

More details: Fixed-asset inventory count

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Step 9: Revalue the foreign-currency balances at 31.12

☐ The foreign-currency balances are revalued at the BNM rate of 31 December

This step is needed only if you have balances in foreign currency (EUR, USD, etc.).

Where to find it: Sidebar → Accounting → the Accounting Periods tab → Start Closing → the Currency Revaluation step

The accounts affected:

• 243.x Current accounts in foreign currency
• 221.2 Trade receivables from abroad
• 521.2 Trade payables abroad

Advances in foreign currency are not revalued. 224.x (advances given) and 523.x (advances received) are non-monetary items: they stay at the rate of the payment day, forever. Don't look for an exchange difference on them — SNC doesn't ask for one, and POSfix doesn't generate one.

POSfix recomputes the balances at the BNM rate of 31 December and shows you the entries before writing them. The difference goes to income or to expense, depending on its sign.

The order matters — and the wizard imposes it

The currency revaluation runs after the last bank statement and before the balance reform, because it changes the balances of accounts 622.6 and 722.4. In the wizard the order is fixed and cannot be changed.

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Step 10: Provisions and prepaid expenses

☐ The necessary provisions are set up

☐ The prepaid expenses are moved to the month they belong to

These are two different things, sitting on opposite sides of the balance sheet. Don't mix them up.

A provision is a liability (538.x): you know you will pay, but you don't know exactly how much or when.

Operation	Debit	Credit
Provision for unused leave	the same expense account as the salary (713.1 or 811.1)	538.1 Provisions for employee benefits
Provision for litigation	713.8 Other administrative expenses	538.4 Other provisions

A prepaid expense is an asset (261.1): you have already paid for future periods.

Operation	Debit	Credit
Insurance / rent paid in advance	261.1 Current prepaid expenses	242.1 Cash in lei accounts
Monthly transfer to expenses	713.x Expenses	261.1 Current prepaid expenses

Both are recorded as manual operations: Sidebar → Accounting → the Manual Operations tab. POSfix generates neither of them and does not remind you of the monthly transfer of the prepaid expense — put it in your closing routine yourself.

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Step 11: Generate the trial balance

☐ The trial balance at 31.12 is balanced

Where to find it: Sidebar → Accounting → the Trial Balance tab

• Select the period: 1 January – 31 December
• Critical check: Total Debit = Total Credit

The golden rule

If the trial balance is not balanced, do not continue with the closing of the accounts. Find and correct the error. Check again after the correction.

More details: Trial balance

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Step 12: Check the main accounts on the account card

☐ The balances of the main accounts are sensible and correct

Where to find it: Sidebar → Accounting → the Account Card tab

Account	What you check
242.1 Cash in lei accounts	Balance = bank statement at 31.12
243.x Cash in foreign-currency accounts	Balance = foreign-currency bank statement at 31.12
241.1 Cash desk in national currency	Balance = physical cash at 31.12
521.1 Domestic trade payables	Balance = total unpaid invoices
221.1 Domestic trade receivables	Balance = total uncollected invoices
531.1 Payroll liabilities	Balance = December salary (if unpaid)
123.x Fixed assets	Balance = total entry values of the assets
124.x Depreciation of fixed assets	Balance = total accumulated depreciation

More details: Account card

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Step 13: Run the December close

☐ The closing wizard was run on December

Where to find it: Sidebar → Accounting → the Accounting Periods tab → December → Start Closing

Walk the wizard's six steps — Checks · Currency Revaluation · Depreciation · Costs · Financial Result · Confirmation — and press Close Period at the end.

On December, the list at the Confirmation step has two rows more than an ordinary month: Income Tax Calculation and Balance Reform (December only). Read it before you press — it is your last chance to see what is about to be written.

In December, besides the monthly operations, the wizard runs two additional ones:

Operation	What it does
Income Tax Calculation	Computes the tax on the year's cumulated profit, at the 12% rate, and records Dt 731.1 Income tax expenses / Ct 534.1 Income tax liabilities from business activity
Balance Reform	Closes the 6xx and 7xx accounts through 351, transfers the result to 333 and then to 332

Run the wizard first, the manual entries only afterwards

The revenue and expense accounts are not closed month by month — they accumulate over the whole year and are closed once, here. The manual entries that complete the reform (Step 14) are entered after the wizard has run. The other way round, the reform reads them as ordinary turnover and the result comes out halved.

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Step 14: Check the closing of the 6xx and 7xx accounts through 351

☐ The entries closing the revenues and expenses exist and are correct

For each analytical account with turnover in December, the reform issues:

Operation	Debit	Credit
Closing a revenue account	account 6xx (611.1, 611.2, 611.3, 612.x, 622.x)	351
Closing the distribution expenses	711.2 Carrying amount of the goods sold	account 712.x
Closing the other expense accounts	351	account 7xx (711.x, 713.x, 714.x, 722.x, 731.1)

A revenue account that exceptionally has a debit balance is closed the other way round (Dt 351 / Ct 6xx), and so is an expense account with a credit balance — the wizard handles both cases on its own.

Account 731.1 enters the reform as well: the income tax is a class 7 expense, so what reaches 333.1 is the net profit.

The entries issued by the wizard are visible in the month's register: Sidebar → Accounting → the Accounting Periods tab → the December card → Closing Documents.

The reform does not close the whole year on its own

Two things stay with you. Without them, the result accounts don't reach zero and the balance sheet doesn't balance:

1. Only December's turnover is closed. What you recorded in January–November stays on 6xx and 7xx. Exception: the income tax entry is computed on the whole year's profit and dated 31 December, so it enters the reform in full.
2. The 712.x accounts are closed to 711.2, not to 351. A debit balance remains on 711.2 and an equal credit balance on 351, as much as December's distribution expenses. In accounting terms, 712 "Distribution expenses" is a separate line in the profit and loss statement, not a component of the cost of sales.

Both are corrected with manual operations, below.

How you compose an entry in Manual Operations

Where to find it: Sidebar → Accounting → the Manual Operations tab

Every entry below is entered here, dated 31 December, after the wizard has run.

To compose one:

1. New Document. Fill in the Operation Date and the Content — a short description, which appears in the register.
2. Add line, then pick the Debit Account and the Credit Account and write the Amount (MDL). An entry can have any number of lines; the total is summed in the footer of the table.
3. If an account requires analytics, the Dimension icon on the line lights up and has to be filled in. When it doesn't, it says "Debit account requires no subconto" and you move on.
4. Save, then Post.

Don't retype entries that repeat

The Template field in the header prefills the lines from a saved template. Templates are made in Accounting → the Entry Templates tab.

a) Undo the move of the distribution expenses to 711.2

Operation	Debit	Credit
Bringing back to 351 the amounts moved to 711.2	351 Total financial result	711.2 Carrying amount of the goods sold

Amount = the total of the Dt 711.2 / Ct 712.x rows in the reform entry. After this entry, 711.2 and 351 no longer carry the residue.

b) Close the turnover of January–November

Open the Account Card for each 6xx and 7xx account with a remaining balance. The remaining balance is the turnover of January–November.

Situation	Debit	Credit
Revenue account with a credit balance	account 6xx	351
Expense account with a debit balance	351	account 7xx

c) Transfer the result left on 351

Situation	Stage 1	Stage 2
Credit balance on 351 (profit)	Dt 351 / Ct 333.1	Dt 333.1 / Ct 332
Debit balance on 351 (loss)	Dt 333.2 / Ct 351	Dt 332 / Ct 333.2

If you rerun the close, delete the manual entries first. The reform reads them as ordinary December turnover. So: you reopen the period, delete the entries from points a), b) and c), run the wizard again, then enter them back.

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Step 15: Check the result: the balance of account 351

☐ Account 351 reflects the correct financial result

Before the transfer of the result:

• Credit balance on 351 = Profit (Revenues > Expenses)
• Debit balance on 351 = Loss (Expenses > Revenues)

Check account 351 on the Account Card — after the manual entries from Step 14, its turnover must reflect the year's total revenues (credit) and the year's total expenses (debit).

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Step 16: Check the transfer of the result: 351 → 333 → 332

☐ The result has reached equity

The transfer is done in two stages. The wizard runs them on December's result; the rest you transfer yourself, at point c) of Step 14.

Stage	Situation	Debit	Credit
1	Profit	351 Total financial result	333.1 Net profit of the reporting period
1	Loss	333.2 Net loss of the reporting period	351 Total financial result
2	Profit	333.1	332 Retained earnings of previous years
2	Loss	332	333.2

After these entries, accounts 351, 333.1 and 333.2 have a zero balance, and the year's result has been added to 332.

333 is not the same thing as 332

333.1 / 333.2 hold the result of the current year and are emptied at the reform. 332 is the cumulated result of the previous years — it stays in the balance sheet.

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Step 17: Final check — accounts 6xx, 7xx, 351 and 333

☐ The result accounts have a zero balance

Where to find it: Sidebar → Accounting → the Trial Balance tab

Check — after you have also entered the manual entries from Step 14:

• All 6xx accounts → zero balance
• All 7xx accounts → zero balance
• Account 351 → zero balance
• Accounts 333.1 and 333.2 → zero balance
• The overall balance: Total Debit = Total Credit

If a 6xx or 7xx account does not have a zero balance

Check in this order:

1. Did you enter the manual entries from Step 14? The reform closes only December's turnover — the remaining balance is, almost always, the turnover of January–November.
2. Is the account 711.2? The wizard moves the distribution expenses from 712.x there. It is corrected with the entry from point a).
3. Did a new document with a date in the closed year appear after the reform? Reopen the period, post the document, delete the manual entries, rerun the December close, then enter the manual entries back.

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Step 18: Generate the financial statements

☐ The balance sheet and the profit and loss statement are generated

Where to find it: Sidebar → Reports → the Simplified Financial Statements tab and Sidebar → Reports → the Balance Sheet tab

Generate:

1. The balance sheet — it reflects the assets, the liabilities and the equity at 31 December
2. The simplified financial statements — including the year's profit and loss statement

Check:

• Balance sheet: Total Assets = Total Liabilities + Equity
• The net profit from the profit and loss statement (after tax) = the increase in the balance of account 332 compared with the previous year (the result transferred at Step 16)

More details: Financial statements

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Step 19: Generate the VEN12 declaration

☐ The year's income tax is calculated and recorded

The income tax is calculated automatically, in the Income Tax Calculation step of the December closing wizard, on the year's cumulated accounting profit.

• Check the amount on the Account Card for 731.1 for the period 1 January – 31 December
• Compare it with your own computation of the taxable income, adjusted for tax purposes

The generated entry is an estimate, not the declaration. It starts from the accounting profit and contains no tax adjustment. Once you compute the taxable income in VEN12, correct the difference with a manual operation, so that the balance of the liability account is exactly the tax in the declaration.

Subtract the instalments paid during the year. They sit on 225.1 Income tax receivables and are offset against the liability, also with a manual operation dated 31 December. What remains is the amount to pay.

On the IVAO regime this step works differently

A company that is not registered as a VAT payer applies IVAO — a tax on the income from operating activity, not on the profit. The closing wizard computes tax on the profit, so on IVAO its entry does not fit you: you delete it and record the IVAO tax as a manual operation. The declaration is filed from Sidebar → Reports → the IVAO15 tab.

The VEN12 declaration is not generated from POSfix

There is no screen that produces the VEN12 form ready to file. POSfix gives you the base — the accounting profit, the account turnovers, the computed tax — while the tax adjustments and the filing itself you do on the SFS portal. The forms that do have XML export conforming to the SFS XSD are: the VAT declaration, IPC, IALS, INR14, IRV14, IVAO15, 5-CI, SERV-TS and ISAPTI.

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Step 20: File the reports and lock the periods

☐ VEN12 filed with SFS

☐ The financial statements are filed

☐ The periods of the previous fiscal year are locked

After filing the reports:

1. File VEN12 through the SFS electronic office (servicii.fisc.md)
2. File the financial statements with BNS through the single electronic reporting window (raportare.gov.md)
3. Lock the periods: Sidebar → Accounting → the Accounting Periods tab → on each month of the previous year, the padlock icon (Lock) → pick the lock date → Confirm

Locking is done from an Open month

The padlock appears only on Open periods. On a Closed month the visible button is Reopen — so to lock a month that is already closed, you reopen it first. A Locked period can never be reopened again, by anyone; lock only after you have filed the reports and you are sure no more corrections will come.

More details: Periods

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What you do if the trial balance doesn't balance

If Total Debit ≠ Total Credit at step 11 (the trial balance check):

1. Compare with the previous month's trial balance — if November was balanced, the error is in the December documents
2. Check the December documents — look for documents left in the Draft status (not posted)
3. Check the correction documents — a document with negative values entered only halfway creates an imbalance
4. Check the opening balances — if this is the first year in POSfix, the opening balances may contain the error
5. Check the manual operations — journal entries entered by hand may have a single account (with no counterpart)

More details: Trial balance

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Troubleshooting — 5 common problems

1. The 6xx or 7xx account doesn't reach a zero balance after the reform

The most frequent cause: the reform closed only December's turnover. The remaining balance is the turnover of January–November.

The fix: Enter the manual entries from Step 14, points b) and c) — Dt 6xx / Ct 351 for revenues, Dt 351 / Ct 7xx for expenses, then the transfer of the remaining result.

Another cause: a document with a date in the closed year appeared after the reform ran. Reopen the December period, post the document, delete the manual entries, rerun the month's close, then enter the manual entries back.

2. Account 351 doesn't reach a zero balance

The cause: the credit balance left on 351 is, as a rule, equal to the amount the wizard moved from 712.x to 711.2. Check: if 711.2 has an identical debit balance, this is the cause.

The fix: Enter the entry from Step 14, point a): Dt 351 / Ct 711.2, with the total of the Dt 711.2 / Ct 712.x rows in the reform entry.

If the balance doesn't match 711.2, check the transfer of the remaining result — point c) of Step 14.

3. The balance sheet doesn't balance (Total Assets ≠ Total Liabilities and Equity)

The cause: usually the reform wasn't run, or the 6xx/7xx accounts have a residual balance — see problems 1 and 2 above.

The fix: First check that all 6xx, 7xx, 351, 333.1 and 333.2 accounts have a zero balance. Then regenerate the balance sheet.

4. The profit in the profit and loss statement doesn't match VEN12

The cause: VEN12 includes tax adjustments (non-deductible expenses, deductions) that the profit and loss statement does not reflect.

The fix: This is normal behaviour. The accounting profit (from the financial statements) and the taxable income (from VEN12) can differ. The differences come from the adjustments under the Codul Fiscal (entertainment expenses above the limit, fines, penalties, etc.).

5. I filed the financial statements but found an error

The cause: a document missed or a wrong amount identified after filing.

The fix:

1. Reopen the affected periods (possible only if they are Closed, not Locked)
2. Correct the error — with a new document, with negative values, if the wrong document is already posted
3. Rerun the December close if the error affects revenues or expenses
4. Regenerate the financial statements
5. File the corrected version

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Frequently asked questions

Can I reopen the fiscal year after the close?

Yes, but carefully, and only if the periods are Closed, not Locked. Users with the administrator role can reopen a closed period. Reopening allows the documents to be changed, but if you have already filed the financial statements and VEN12, you will have to file amended declarations. A Locked period is never reopened again.

What do I do with the dividends?

Dividends are distributed from the retained earnings (account 332) by decision of the general meeting of the shareholders. The entries:

• Dt 332 Retained earnings of previous years / Ct 536.1 Liabilities for declared dividends
• On the actual payment: Dt 536.1 / Ct 242.1 (bank) or 241.1 (cash desk)
• Withholding the tax on dividends: Dt 536.1 / Ct 534.3 Liabilities for income tax withheld at source

Record them as manual operations: Sidebar → Accounting → the Manual Operations tab. Dividends are distributed in the following year and are not part of the year-end close process.

Why can't I find account 351 in the balance sheet?

Because, if the close is complete, its balance is zero. 351 is a transitory account: after the result is transferred it has nothing left to carry forward. If you see it with a balance, the close is not finished — see "Troubleshooting", problem 2.

Do I have to close the 6xx/7xx accounts on each analytical account?

Yes, but you compose the rows per analytical account, not globally per group. The reform issues three separate rows if you have 611.1, 611.2 and 612.1 with turnover in December — not a single one on 611. Your manual entries, for January–November, follow the same rule: one row for each analytical account with a balance.

Do I have to close the 6xx/7xx accounts every month?

No. Under SNC Moldova, classes 6 and 7 accumulate over the whole year and are closed once, in December. The "Financial Result" step in the monthly wizard is purely informative: it shows you the month's turnover and the year-to-date total, but generates no entry.

Watch out, though, for what the December reform closes: only December's turnover. The turnover of January–November you close yourself, once, with the entries from Step 14.

What happens if I don't close the year on time?

Late filing of VEN12 draws tax penalties, and of the financial statements — administrative sanctions. The two deadlines are different; you see them in Sidebar → Fiscal Calendar.

Can I run the reform if I have open months?

Not out of order: the balance reform runs as a step of the December close, and the wizard refuses to lock the period while journal entries remain in Draft. Close January–November first, then run the December close — it brings the income tax and the reform with it.

What do I do if I have a loss?

If the expenses exceed the revenues, the transfer goes the other way:

• Account 351 has a debit balance
• Stage 1: Dt 333.2 Net loss of the reporting period / Ct 351
• Stage 2: Dt 332 / Ct 333.2

The wizard issues them for December's result; for the result of January–November you enter them yourself, at point c) of Step 14.

The loss is carried forward and can be offset against the profits of the following fiscal years, under the conditions of the Codul Fiscal of the RM.

How do I check that everything is correct?

The minimum final checklist, after the wizard and after the manual entries from Step 14:

1. Trial balance: Total Debit = Total Credit
2. 6xx accounts: all with a zero balance
3. 7xx accounts: all with a zero balance
4. Account 351: zero balance
5. Accounts 333.1 and 333.2: zero balance
6. Balance sheet: Total Assets = Total Liabilities + Equity
7. The net profit of the year (after tax) = the increase in the balance of account 332 compared with the previous year

First year in POSfix — how do I close?

If this is the first year in POSfix and you migrated from another system, the process is identical. The only difference: the opening balances (entered at migration) have to be checked additionally, because they were not generated by operations in the system. See Migrating from Excel.

Is the inventory count at 31 December mandatory?

Yes — the general count of the assets and liabilities is done at least once a year, before the financial statements are drawn up.

When is the annual VAT declaration filed?

The VAT declaration is filed monthly (not annually). The January declaration (for December) is filed by 25 January. It is not part of the year-end close process, but it has to be checked before VEN12 is generated.

What is the balance reform?

The balance reform is the process by which the balances of the revenue (6xx) and expense (7xx) accounts are cancelled through account 351, the net result passes into 333.1 / 333.2, and from there into 332 Retained earnings of previous years. After the reform, the balance sheet reflects only the asset and liability accounts — with no revenues and expenses.

In POSfix it is started by the closing wizard run on December, and you complete it with the manual entries for the turnover of January–November. Exactly steps 13–17 of the checklist above.