End of financial year and tax effect

Hi guys,

Could you tell me please regarding the end of financial year disclosure?
1) Is there is any document that going to make end of the year transactions automatically or we have to do it manually for income and expenses accounts under the journal entry tab?

2) I have differences between accounting profit and taxable profit (for example differences in calculating depreciation: for tax purposes small business can write off up to $20000 and for accounting purposes we have to calculate depreciation). Do I need to calculate tax effect ?

Thanks