Annual accounting close
Your company's big year-end cut-off of accounts: closing entries, tax inflation adjustment, legal reserve and determination of the year's profit or loss. It's the direct base for your ISLR return: a well-done close means a return with no scares.
Requesting a quote doesn't commit you to anything
- You tell us about your case. It's free.
- We send you the price in writing, within 1 to 3 hours.
- You decide. If it works for you, we start. If not, you delete it with one click and pay nothing.
No one will pressure you. Your information is used only for your case.
Is it for you?
If any of these sounds like you, this procedure is for you.
- Companies reaching the end of their fiscal year that need to close the year correctly: to determine their result, comply with SENIAT and have the base ready to file their ISLR with no scares
What's included and what isn't
Everything clear from the start. No fine print.
Includes
- Review and cleanup of the fiscal year's accounting.
- Closing entries for the income and expense accounts.
- Application of the tax inflation adjustment when applicable.
- Calculation of the legal reserve, if it applies.
- Determination of the year's profit or loss.
- Base and working papers ready for the ISLR return, signed by a licensed public accountant.
Does not include
- Filing the ISLR return with SENIAT (it's a separate service, the Corporate income tax (ISLR) return; we coordinate it for you).
- Paying the resulting tax (the taxpayer covers it).
- The year's accounting if it hasn't been kept (first, the Catch-up for overdue accounting).
- An audit with an auditor's opinion (a separate service).
- Legal advice.
What you need
Check off what you already have. You don't need everything to request your quote.
You have 0 of 6.
- Company's current RIF (Venezuelan tax ID)
- Fiscal year's accounting kept and in order
- Trial balance at closing
- Ending inventory, if applicable
- Prior fiscal years for comparison, if you have them
- Your contact details to coordinate
How the process works
You do very little. We take care of the rest. The whole process: on average, 5 to 10 business days.
- Step 1
We clean up the fiscal year
We review and clean up the year's accounting.
We do this - Step 2
We post the entries
We apply the closing entries and the tax adjustments.
We do this - Step 3
We determine your result
We calculate your profit or loss and the legal reserve.
We do this - Result
Done
We deliver the signed close with the base ready to file your ISLR.
You receive it
Once your fiscal year's accounting is in order.
What it costs and how to pay
Clear from the start.
Our fee: we do all the work for you.
How you pay: 50% when we start and 50% on delivery. In dollars, in bolívares at the official BCV exchange rate, or with Cashea.
How is your investment calculated?
Your investment depends on the size of the fiscal year. What you pay us, professional fees from $150 to carry out the annual accounting close. It goes up with the size of the company, the year's volume of transactions and the complexity of the tax adjustment
What goes to the government, the accounting close carries no government fee; the resulting ISLR is paid when you file, and the taxpayer covers it Your accountant gives you the exact figure before you pay anything, no strings attached.
FAQ
What happens if I file my ISLR without an accounting close?
You're filing blind: the number doesn't match your books, and in a tax audit you have no way to back it up. The close is what makes your return defensible.
What's the close for?
It determines the year's result and is the base for your ISLR return.
How much does it cost?
The professional fee from $150 covers the full close with your accounting in order; if there are unrecorded months, they're brought up to date first and quoted separately.
Does it include filing the ISLR?
No: the close prepares everything; filing the return is a separate service we coordinate for you.
When is it done?
When the fiscal year ends (usually December 31); the ISLR is filed in the following first quarter.
About this procedure
The annual accounting close is the most important moment of the year for a company's accounting. When the fiscal year ends, which in most cases runs from January 1 to December 31, you have to make the final cut-off: bring the income and expense accounts to zero with closing entries, apply the tax inflation adjustment, calculate the legal reserve if it applies, and determine once and for all how much the company earned or lost in the year. That's the final snapshot of the fiscal year, and everything else comes from it.
Here's what makes this service so critical: the close is the direct base for your annual ISLR return, which is filed in the first quarter of the following year. If the close is done right, your return comes out clean and risk-free; if the close is wrong, you carry the error into the return, and that's where the discrepancies, tax assessments and fines from SENIAT (Venezuela's tax and customs authority) come in. It's no coincidence that closing season is the busiest time of year for the whole accounting profession: it's the work the entire fiscal year depends on.
We take your fiscal year's accounting, post the closing entries, apply the tax adjustments, determine your result and leave everything balanced and signed by a licensed public accountant, with the base ready to file. An honest note so you don't pay twice: filing the ISLR return with SENIAT is a separate service, and we coordinate it for you; this product is the close that makes it possible. The price starts at $150 and goes up with the size and volume of your fiscal year; your accountant gives you the exact figure before we start, no strings attached.
Legal framework and important notes
Código Orgánico Tributario (Organic Tax Code) · Código de Comercio (Commercial Code) · Ley del ISLR (Income Tax Law)
- The annual accounting close determines the fiscal year's result and is the base for the ISLR return, which is filed in the first quarter of the following year
- This service is the close; filing the ISLR return is a separate service
- It requires the fiscal year's accounting to be kept and in order
- The price goes up with the size and volume of the fiscal year
We guarantee our service, not what the agency decides. If something depends on them, we tell you clearly and in time.
Is your case different?Ask us, message us on WhatsApp or book a free consultation. A real person answers you.