• rodw
  • Senior Member
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  • From: Australia
  • Registered: 03/01/2010
  • Posts: 115

Re: Year-End Closing Procedures

The main thing is you know what the figures mean which is fine if you are the only one relying on them. But if you need to show them to somebody that is used to seeing financial statements, formatting them close to the standards is a good idea. Having said that, then you want to show the business in the best light so there is no easy answer.

I started by running a creditor for me and then paid it out to Capital Introduced once i got things set up and now if I buy something with my personal money, I either get the business to reimburse me for the expense to get it into the books or post it to Capital Introduced if I don't want it back.

[b]RodW[/b]
Brisbane, QLD, Australia
  • tom
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  • From: USA, FL, Tampa
  • Registered: 03/24/2009
  • Posts: 326

Re: Year-End Closing Procedures

Since you don't want the Capital Introduced back, do you fold that into the Profit/Loss at the end of the year?

from re-reading this thread it looks like when the year is closed things get accumulated automatically into profit/loss.

So where did you put the Capital Introduced? Class/Group?

It seems if I put it in the right place in the COA it will get rolled into the profit/loss automatically.

tom

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  • joe
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  • Registered: 03/15/2007
  • Posts: 5,107

Re: Year-End Closing Procedures

Hello Tom,

For understanding the year closure, I guess it is a good idea to talk to a local accountant.
You can do the final balancing yourself and if the balance type accounts are in balance FA will do no further operation.

But if you havent't balanced the balance type accounts, then FA will do these operations automatic for you. This is quite normal procedure for accounting systems to do that. The only requirements are that you have setup these accounts in the System and GL setup.

/Joe