Financial Year-End March 2027: A Closing Checklist for Small Businesses
Published: 10/9/2026
Category: Tax
31 March closes FY 2026-27. A practical checklist for small businesses: reconcile, collect, pay, count, document and set up the new year, before your CA starts asking questions.
31 March 2027 closes the financial year 2026-27. What you do in March decides how smooth your accounts, tax filings and audits will be. Most of this checklist takes an hour or two each week through the month.
Reconcile
- Sales: Billing records vs GSTR-1 for every month of the year
- Purchases: Purchase register vs GSTR-2B; follow up on missing supplier invoices
- Bank: Every bank and UPI account reconciled to 31 March
- Cash: Cash in hand counted and matched with books
Collect and pay
- Send statements to customers with outstanding balances, and follow up
- Pay registered micro and small suppliers within the allowed period, so expenses are not disallowed (see our MSME 45-day rule guide)
- Pay pending TDS and other statutory dues on time
- Check the final advance tax instalment with your CA
Count and value
- Physical stock count on or close to 31 March (see our stock audit checklist)
- Closing stock valuation agreed with your CA
- List damaged, expired or obsolete stock for write-off decisions
Document
- Fixed assets bought or sold during the year, with invoices
- Loans taken or repaid, with statements
- Major contracts, leases and rent agreements
- Credit notes and debit notes issued and received
Set up the new year (1 April)
- New invoice number series for FY 2027-28
- Updated price lists and tax settings if anything changed
- Opening balances carried forward correctly
- Staff targets and budgets for the new year
Book time with your CA
A one-hour meeting in early March, with reports ready, prevents most surprises in April and May.
Where BizFlow fits
BizFlow produces year-end reports (month-wise sales and purchases, GST summaries, receivables, payables and stock) and starts a new invoice series on 1 April automatically. See AccountFlow and invoice numbering.
General information, not tax advice.
Frequently asked questions
Q: When does the Indian financial year end?
A: On 31 March. FY 2026-27 ends on 31 March 2027.
Q: Do I need a new invoice series from 1 April?
A: Invoice numbers must be unique within a financial year, so most businesses start a new series on 1 April. Your billing software can do this automatically.
Sources
Home | Blog