Yes I have done it every year.
R/E is adjusted and so are all the other opening balances. It works.
Edward F. Fox, Jr. CPA
Controller
Maxson Automatic Machinery Company
Phone 401-596-0162 * Fax 401-596-1050
www.maxsonautomatic.com
-----Original Message-----
From:
vantage@yahoogroups.com [mailto:
vantage@yahoogroups.com] On Behalf Of
MATT FINN
Sent: Tuesday, January 31, 2006 4:03 PM
To:
vantage@yahoogroups.com
Subject: RE: [Vantage] CLOSING YEAR END
Ed, have you ever tried this? Does it actually re roll the opening Balance
Sheet balances and replace the amounts? What does it do with the Retained
Earnings amounts? Unpost the previous and repost the new?
Matt
________________________________
From:
vantage@yahoogroups.com [mailto:
vantage@yahoogroups.com] On Behalf Of
Edward F. Fox, Jr.
Sent: Tuesday, January 31, 2006 2:24 PM
To:
vantage@yahoogroups.com
Subject: RE: [Vantage] CLOSING YEAR END
You can close and then reopen December to post any adjusting entries and
then close the period again. The only issue is some of your opening
balances will be off in your January workpapers/reports.
Edward F. Fox, Jr. CPA
Controller
Maxson Automatic Machinery Company
Phone 401-596-0162 * Fax 401-596-1050
www.maxsonautomatic.com
-----Original Message-----
From:
vantage@yahoogroups.com [mailto:
vantage@yahoogroups.com] On Behalf Of
Frances Skidmore
Sent: Tuesday, January 31, 2006 3:06 PM
To:
vantage@yahoogroups.com
Subject: [Vantage] CLOSING YEAR END
Please excuse the thick head here! I have been reading on the list that you
can close and reopen a period. We have our CPA do our taxes complete with
yearend adjusting entries. So consequently I normally do not close the
previous year end until this is all done which is usually not until the end
of February. If I close the year and do the January month end, can I reopen
year end and enter the YEAJE's then close the year again with out any blow
outs with the amounts carried forward for the new year? We are on
6.10.504
and unfortunately we are not on SUPPORT.
Frances Skidmore
Entek Corporation
Frances@...
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