year end closed


I have closed the year end and now have more expenses to put through
anyone HELP please I don't want to ask the boss...
Thank you
Reply to
nvanbc
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.
Reply to
David Jensen
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.
Reply to
Joe Canuck.
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. Per
Reply to
Per Plexed

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