ACCOUNTING QUESTION: Post Closing Entries

Yahoo Archive
1
Thanks Edward! That's what I thought I had done in the past, but
couldn't remember.

Thanks!



Rick Ludwig



-----Original Message-----
From: Edward F. Fox, Jr. [mailto:efox@...]
Sent: Wednesday, March 10, 2004 9:28 AM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] ACCOUNTING QUESTION: Post Closing Entries


Your first statement is correct. Just open the periods, post the entry
to
the correct period, reprint your reports, close the old periods.

Vantage handles the closing to R/E - it's PFM.

Edward F. Fox, Jr., CPA
Controller
Maxson Automatic Machinery Company
Phone: 401-596-0162 x110
Fax: 401-596-1050
www.maxsonautomatic.com
-----Original Message-----
From: Ludwig, Rick [mailto:RickL@...]
Sent: Wednesday, March 10, 2004 9:31 AM
To: Vantage@yahoogroups.com
Subject: [Vantage] ACCOUNTING QUESTION: Post Closing Entries


It's been 12 months since I have done this and I did some searching on
the e-Group site, but found nothing...

I've already closed 12/03 and 1/04, but I want to make a couple post
closing entries back into 12/03 as a result of our audit. If I
recall,
all I need to do is to reopen 1/04 & 12/03 and make my entries and
reprint the statements/reclose the periods. Is this correct, or do I
need to post directly to Retained Earnings since the year has already
been closed out?

Thanks in advance!

Sincerely,

Rick Ludwig

Vice President of Finance & Administration
Metal Spinners, Inc.
Angola, IN 46703
DIRECT (260) 665-2158 x25
FAX (260) 665-5327




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2
It's been 12 months since I have done this and I did some searching on
the e-Group site, but found nothing...

I've already closed 12/03 and 1/04, but I want to make a couple post
closing entries back into 12/03 as a result of our audit. If I recall,
all I need to do is to reopen 1/04 & 12/03 and make my entries and
reprint the statements/reclose the periods. Is this correct, or do I
need to post directly to Retained Earnings since the year has already
been closed out?

Thanks in advance!

Sincerely,

Rick Ludwig

Vice President of Finance & Administration
Metal Spinners, Inc.
Angola, IN 46703
DIRECT (260) 665-2158 x25
FAX (260) 665-5327
3
Your first statement is correct. Just open the periods, post the entry to
the correct period, reprint your reports, close the old periods.

Vantage handles the closing to R/E - it's PFM.

Edward F. Fox, Jr., CPA
Controller
Maxson Automatic Machinery Company
Phone: 401-596-0162 x110
Fax: 401-596-1050
www.maxsonautomatic.com
-----Original Message-----
From: Ludwig, Rick [mailto:RickL@...]
Sent: Wednesday, March 10, 2004 9:31 AM
To: Vantage@yahoogroups.com
Subject: [Vantage] ACCOUNTING QUESTION: Post Closing Entries


It's been 12 months since I have done this and I did some searching on
the e-Group site, but found nothing...

I've already closed 12/03 and 1/04, but I want to make a couple post
closing entries back into 12/03 as a result of our audit. If I recall,
all I need to do is to reopen 1/04 & 12/03 and make my entries and
reprint the statements/reclose the periods. Is this correct, or do I
need to post directly to Retained Earnings since the year has already
been closed out?

Thanks in advance!

Sincerely,

Rick Ludwig

Vice President of Finance & Administration
Metal Spinners, Inc.
Angola, IN 46703
DIRECT (260) 665-2158 x25
FAX (260) 665-5327




Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must
have already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links


Yahoo! Groups Sponsor
ADVERTISEMENT





----------------------------------------------------------------------------
--
Yahoo! Groups Links

a.. To visit your group on the web, go to:
http://groups.yahoo.com/group/vantage/

b.. To unsubscribe from this group, send an email to:
vantage-unsubscribe@yahoogroups.com

c.. Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service.



[Non-text portions of this message have been removed]
4
Rick, If you closed the year and rolled the BS account balances already I'd
just post to RE. Presumably you have given statements to outside parties
already. Why do all the work of opening/closing reprinting etc....
Matt

-----Original Message-----
From: Ludwig, Rick [mailto:RickL@...]
Sent: Wednesday, March 10, 2004 8:31 AM
To: Vantage@yahoogroups.com
Subject: [Vantage] ACCOUNTING QUESTION: Post Closing Entries

It's been 12 months since I have done this and I did some searching on
the e-Group site, but found nothing...

I've already closed 12/03 and 1/04, but I want to make a couple post
closing entries back into 12/03 as a result of our audit. If I recall,
all I need to do is to reopen 1/04 & 12/03 and make my entries and
reprint the statements/reclose the periods. Is this correct, or do I
need to post directly to Retained Earnings since the year has already
been closed out?

Thanks in advance!

Sincerely,

Rick Ludwig

Vice President of Finance & Administration
Metal Spinners, Inc.
Angola, IN 46703
DIRECT (260) 665-2158 x25
FAX (260) 665-5327





Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must have
already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links
Yahoo! Groups Links