Step-by-Step Implementation Guide
Understanding the Nepali Fiscal Cycle (Aarthik Barsha)
The Nepali fiscal year starts on 1st Shrawan (mid-July) and concludes on the final day of Ashadh the following year (e.g. FY 2082/83). All statutory financial reporting and annual tax returns are pegged to this 12-month calendar.
Dual Date Handling in Modern Business Software
Operating in Nepal requires printing official receipts with Bikram Sambat dates while maintaining international timestamps for banking audits. KhataIN features native dual-calendar conversion so transactions align across both systems without date math errors.
Physical Stock Count & Godown Reconciliations
Prior to Ashadh closing, conduct physical stock verification across all warehouses. Reconcile damaged goods, stock discrepancies, and update ending inventory valuation in your ledger.
Finalizing P&L and Retained Earnings
Review all accruals, depreciation on fixed assets, and prepayments. Close all revenue and expense accounts into the Profit & Loss Summary, and transfer the net balance into Retained Earnings / Equity.
Opening New Fiscal Year with Verified Balances
Export the audited Balance Sheet and carry forward verified starting balances for cash, bank accounts, party receivables, and vendor debts into the new fiscal year.
Frequently Asked Questions (Nepal Context)
Q: When is the deadline for filing annual income tax returns in Nepal?
The initial deadline for filing the final income tax return (D1/D2/D3) is within 3 months of the fiscal year end (i.e. by end of Ashwin), with an allowable extension up to Poush upon formal application to the IRD.
Q: Does KhataIN support multi-year historical ledger queries?
Yes, you can toggle between historical fiscal years (e.g. 2080/81, 2081/82, 2082/83) anytime with complete audit trails preserved.