Can I Close the Year?

Yahoo Archive
1
I have always advsied my previous customers to close the year to Roll the Balance Sheets balances forward and to clear the Income and Expense Accounts to Retained Earnings. You can then re-open the last period of the year to make the Year-End Adjustments. In the meantime, until you do make those adjustments, you can produce Financial Statements for the current periods in the new year. If you don't close the last period of the previous year, you can't produce financials for these periods. Of course once you make those adjusting entries to period 12 of the previous year, you will need to reprint any financial statements previously produced for the new year. These adjustment will automatically be reflected in the new financial statements created.

Stephen Schaefer
Abrams Airborne

--- In vantage@yahoogroups.com, Thomas Rose <t.rose@...> wrote:
>
> I have done this with no problem (that I know of). I can go back and reopen any period in any year and make adjustments. Obviously, you should not do this unless it is needed. Part of my normal routine is to close a month within a couple of days of month end to prevent people from sneaking entries into accounts that I have already analyzed and reconciled. When I have adjustments, I reopen the period just long enough to post the adjusting journal entry, and then reclose the period. I don't know if it makes a difference, but I'm on 8.03.
>
> Thom Rose
> Controller
> Electric Mirror LLC
> HOTEL LUXURY
>
> "The World Leader in Back-lit Mirrors & Mirror TV Technology"
>
> T 425 776-4946
> A 11831 Beverly Park Rd, Bldg D, Everett, WA 98204 USA
> www.electricmirror.com<http://www.electricmirror.com>
>
> From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf Of Fay Weis
> Sent: Tuesday, January 12, 2010 5:24 AM
> To: vantage@yahoogroups.com
> Subject: [Vantage] Can I Close the Year???
>
>
>
> Vantage 8.03.408B. Here's a year-end general ledger question, can I close 2009, do January entries and re-open 2009 to make the final adjustments from the CPA when I get those in a couple weeks? Obviously I would also want to do the final set of financials at that point as well. The help screens seem to give conflicting information about whether or not this can be done. Does anyone have experience with doing this and were there any issues I should be aware of? Any help would be appreciated.
>
> Fay Weis
> KEES, Inc.
>
>
>
> [Non-text portions of this message have been removed]
>
2
Vantage 8.03.408B. Here's a year-end general ledger question, can I close 2009, do January entries and re-open 2009 to make the final adjustments from the CPA when I get those in a couple weeks? Obviously I would also want to do the final set of financials at that point as well. The help screens seem to give conflicting information about whether or not this can be done. Does anyone have experience with doing this and were there any issues I should be aware of? Any help would be appreciated.

Fay Weis
KEES, Inc.
3
I just went through this a few weeks ago. I have a September 30, 2009 year
end. I did the September adjustments a few weeks and closed the period. I
just closed my December month end with no problems. I had asked my
consultant and he told me there should be no problems and I have not run
into anything. I am also on 8.03408B.







Adam Feuerstein,CPA

Chief Financial Officer

David Edward

(P) 410 242-2222

(F) 410 242-0111

www.davidedward.com

_____

From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf Of
Fay Weis
Sent: Tuesday, January 12, 2010 8:24 AM
To: vantage@yahoogroups.com
Subject: [Vantage] Can I Close the Year???





Vantage 8.03.408B. Here's a year-end general ledger question, can I close
2009, do January entries and re-open 2009 to make the final adjustments from
the CPA when I get those in a couple weeks? Obviously I would also want to
do the final set of financials at that point as well. The help screens seem
to give conflicting information about whether or not this can be done. Does
anyone have experience with doing this and were there any issues I should be
aware of? Any help would be appreciated.

Fay Weis
KEES, Inc.





[Non-text portions of this message have been removed]
4
I have done this with no problem (that I know of). I can go back and reopen any period in any year and make adjustments. Obviously, you should not do this unless it is needed. Part of my normal routine is to close a month within a couple of days of month end to prevent people from sneaking entries into accounts that I have already analyzed and reconciled. When I have adjustments, I reopen the period just long enough to post the adjusting journal entry, and then reclose the period. I don't know if it makes a difference, but I'm on 8.03.

Thom Rose
Controller
Electric Mirror LLC
HOTEL LUXURY

"The World Leader in Back-lit Mirrors & Mirror TV Technology"

T 425 776-4946
A 11831 Beverly Park Rd, Bldg D, Everett, WA 98204 USA
www.electricmirror.com<http://www.electricmirror.com>

From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf Of Fay Weis
Sent: Tuesday, January 12, 2010 5:24 AM
To: vantage@yahoogroups.com
Subject: [Vantage] Can I Close the Year???



Vantage 8.03.408B. Here's a year-end general ledger question, can I close 2009, do January entries and re-open 2009 to make the final adjustments from the CPA when I get those in a couple weeks? Obviously I would also want to do the final set of financials at that point as well. The help screens seem to give conflicting information about whether or not this can be done. Does anyone have experience with doing this and were there any issues I should be aware of? Any help would be appreciated.

Fay Weis
KEES, Inc.



[Non-text portions of this message have been removed]
5
Simple answer, yes. Close the year and roll your balances forward. This
will move your current period into the new year. In order to post to any
close period you will need to reopen it. This will not change your
current period but will allow you to post any of your financials to it.
Remember I said ANY of your financials. My recommendation would be to
reopen the period when you need it and then close it back up as soon as
possible. This will keep any mistakes from creeping in.



Charlie Smith

Smith Business Services / 2W Technologies LLC

www.vistaconsultant.com <http://www.vistaconsultant.com/> /
www.2WTech.com







From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf
Of Fay Weis
Sent: Tuesday, January 12, 2010 8:24 AM
To: vantage@yahoogroups.com
Subject: [Vantage] Can I Close the Year???





Vantage 8.03.408B. Here's a year-end general ledger question, can I
close 2009, do January entries and re-open 2009 to make the final
adjustments from the CPA when I get those in a couple weeks? Obviously I
would also want to do the final set of financials at that point as well.
The help screens seem to give conflicting information about whether or
not this can be done. Does anyone have experience with doing this and
were there any issues I should be aware of? Any help would be
appreciated.

Fay Weis
KEES, Inc.





[Non-text portions of this message have been removed]
6
Thank you for your replies, now I'm more confident about closing and
moving forward.



Fay L. Weis

KEES, Inc.

400 S. Industrial Dr.

PO Box L

Elkhart Lake, WI 53020







[Non-text portions of this message have been removed]