On 13 Dec 2005 16:57:55 -0800, in alt.accounting
"nvanbc" wrote in
When does your fiscal year end? Certainly not Dec 31, it's not possible
to close the books before the end of the fiscal year. November 30 or
even October 31 are rare fiscal year-ends. If the fiscal year end is
from October 31 or prior, just put the new invoice in the current year.
The general rule is that you should accrue all unbilled expenses that
you know about. If, for example, your fiscal year is the calendar year
and you want a quick close in the first week of January, accrue all of
your purchase orders and post them as unbilled expenses for the year.
Same thing with payroll. Same with any other expenses that you know are
for December, but have not been billed to you. Your informed estimate is
adequate and appropriate -- if some bozo doesn't get around to sending
you a December invoice until February and you had no record of the
purchase, it is just fine to post it in the following fiscal year.
Assuming this is computerized...
You did a backup before starting your year end processing?
Restore the backup and start over. If you don't have a backup you are toast.
You'd be wise to let your boss know what has happened, because if you
try to clean it up and it doesn't go well... you may end up having to
tell him anyways.
Contact the developer of your particular accounting software and ask them
what you can do in this case. This will probably cost you a few bucks if
you haven't already arranged for a prepaid Technical Support contract, but
at least you will know what your options are and can get some instruction
for repairing the situation. You might also seriously consider getting some
help from a local consultant who specializes in your accounting software
program to set things straight again.
With some acctg software, it doesn't matter if you process your YearEnd
before the actual end of your fiscal year or not.