Have no fear. Go ahead and close the year out so that you roll forward.
When you are ready to post more transactions to the end of the year, you
can reopen the period to post into and it will update the appropriate
periods and the retained earnings to the new year. Once completed, go to
the fiscal period and reclose the period.
Charlie Smith
2W Technologies LLC
16 Homesdale Ave
Southington, CT 06489-3742
(860) 620-9553
(860) 919-1708 cell
www.2WTech.com <http://www.2WTech.com>
From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf
Of Kerry Travis
Sent: Wednesday, May 26, 2010 10:57 AM
To: vantage@yahoogroups.com
Subject: [Vantage] G.L. Fiscal Year Close
This is a question for all you accountants, or anyone that can help of
course.
We have done about 95% of the entries for our fiscal year end close. I
want to close the fiscal year, so the balances will go forward into the
new fiscal year. Are there any ramifications to closing the prior year,
while there are still a few entries to post? What happens to any of the
P&L entries I make? Do they still get closed out to Retained Earnings?
I seem to recall having an issue last year, but I can't remember what
it was.
Thanks for the help yet again.
Kerry Travis
[Non-text portions of this message have been removed]
[Non-text portions of this message have been removed]
When you are ready to post more transactions to the end of the year, you
can reopen the period to post into and it will update the appropriate
periods and the retained earnings to the new year. Once completed, go to
the fiscal period and reclose the period.
Charlie Smith
2W Technologies LLC
16 Homesdale Ave
Southington, CT 06489-3742
(860) 620-9553
(860) 919-1708 cell
www.2WTech.com <http://www.2WTech.com>
From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf
Of Kerry Travis
Sent: Wednesday, May 26, 2010 10:57 AM
To: vantage@yahoogroups.com
Subject: [Vantage] G.L. Fiscal Year Close
This is a question for all you accountants, or anyone that can help of
course.
We have done about 95% of the entries for our fiscal year end close. I
want to close the fiscal year, so the balances will go forward into the
new fiscal year. Are there any ramifications to closing the prior year,
while there are still a few entries to post? What happens to any of the
P&L entries I make? Do they still get closed out to Retained Earnings?
I seem to recall having an issue last year, but I can't remember what
it was.
Thanks for the help yet again.
Kerry Travis
[Non-text portions of this message have been removed]
[Non-text portions of this message have been removed]