Your accounts need the loan balance as at your year-end date — not today’s, and not an approximation. You can pull that exact figure so the liability in your accounts is correct to the penny.
How to get it
- Generate a custom-range statement ending on your year-end date.
- Read the closing balance at that date.
- Note it, with the statement, for your accountant.
Why the date matters
Borrowing moves — repayments reduce it, drawdowns add to it — so the balance on your year-end date can differ from the balance a week either side. Using a statement that ends exactly on your accounting date removes any doubt. If a repayment or drawdown was in transit over that date, note it: it may sit differently in your bank than on the statement until it clears.
Your facility is priced with simple interest and the figures fixed up front on your Key Information Sheet, so nothing here changes what you owe by surprise — it only changes how you view, manage or evidence it.
See also: How to get a statement for your VAT quarter, Can I get a statement for a custom date range?, How to put together a year-end pack.