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Subject Author Date
Year-End Closing Stephane 06-08-2008
Posted by Stephane on June 8, 2008, 11:31 am
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 Hi there,

Does the Year-End closing needs to be done before the new fiscal year can
start?

Stéphane



Posted by Paul Thomas on June 8, 2008, 4:03 pm
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> Does the Year-End closing needs to be
> done before the new fiscal year can start?



No. In many instances it can't be done like that.

But, your software will dictate what absolutely has hard closings, A/R for
example, may have limits on back dating customer invoices, and what areas
may be open to changes after the close date programmed into the software.







--
Paul A. Thomas, CPA
Athens, Georgia



Posted by Stephane on June 8, 2008, 4:47 pm
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Thanks for your reply, I am sole priortorship Home Stager Services.
So I can just move on with my 2008 January transactions and on?

Stéphane

>
>> Does the Year-End closing needs to be
>> done before the new fiscal year can start?
>
>
>
> No. In many instances it can't be done like that.
>
> But, your software will dictate what absolutely has hard closings, A/R for
> example, may have limits on back dating customer invoices, and what areas
> may be open to changes after the close date programmed into the software.
>
>
>
>
>
>
>
> --
> Paul A. Thomas, CPA
> Athens, Georgia
>



Posted by John on June 9, 2008, 10:32 am
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> Thanks for your reply, I am sole priortorship Home Stager Services.
> So I can just move on with my 2008 January transactions and on?
>
> St=E9phane


yes, but at some point you will have to do a year-end closing. if you
have completed tax returns and financial reports for 2008 it may be
time to "close the books" for 2008.






>
>
> >> Does the Year-End closing needs to be
> >> done before the new fiscal year can start?
>
> > No. In many instances it can't be done like that.
>
> > But, your software will dictate what absolutely has hard closings, A/R f=
or
> > example, may have limits on back dating customer invoices, and what area=
s
> > may be open to changes after the close date programmed into the software=
.



Posted by Lynne Lepage on June 9, 2008, 11:12 am
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I am about to send my GST remittance to CRA for year-end of 2007 which
is due 15 JUN 08.


>
> > Thanks for your reply, I am sole priortorship Home Stager Services.
> > So I can just move on with my 2008 January transactions and on?
>
> > St=E9phane
>
> yes, but at some point you will have to do a year-end closing. if you
> have completed tax returns and financial reports for 2008 it may be
> time to "close the books" for 2008.
>
>
>
> > >> Does the Year-End closing needs to be
> > >> done before the new fiscal year can start?
>
> > > No. In many instances it can't be done like that.
>
> > > But, your software will dictate what absolutely has hard closings, A/R=
for
> > > example, may have limits on back dating customer invoices, and what ar=
eas
> > > may be open to changes after the close date programmed into the softwa=
re.




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