Year-End Closing

Hi there,
Does the Year-End closing needs to be done before the new fiscal year can start?
Stéphane

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No. In many instances it can't be done like that.
But, your software will dictate what absolutely has hard closings, A/R for example, may have limits on back dating customer invoices, and what areas may be open to changes after the close date programmed into the software.
--
Paul A. Thomas, CPA
Athens, Georgia
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Thanks for your reply, I am sole priortorship Home Stager Services. So I can just move on with my 2008 January transactions and on?
Stéphane
wrote

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yes, but at some point you will have to do a year-end closing. if you have completed tax returns and financial reports for 2008 it may be time to "close the books" for 2008.


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I am about to send my GST remittance to CRA for year-end of 2007 which is due 15 JUN 08.


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