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Re: When should the year get officially closed?

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November 23, 2015 07:15PM
The best time to officially close a year is after you can go thru the check list provided and check every box after the completion of each task listed.
This date can be anytime after you have completed your books and audited them to insure they are correct. Key points are usually depreciation, payroll, revenues, expenses, tax schedules, details, inventories, etc.
Backup, backup, backup. This is key as well. You can go back to prior a year end ONLY if you made a backup.

A year end can be done any time even if you have inventories remaining. As long as they are correct inventories, or very close, the year end will not effect them. Basically turns them into a valued asset.

Usually after my taxes have been done and my books have been audited per the tax return is when I perform a year end.

Mitch
SubjectAuthorPosted

When should the year get officially closed?

WaynoNovember 23, 2015 09:55AM

Re: When should the year get officially closed?

Mitch KonenNovember 23, 2015 07:15PM

Re: When should the year get officially closed?

KathyClineNovember 23, 2015 07:51PM

Re: When should the year get officially closed?

Mitch KonenNovember 25, 2015 09:46AM

Re: When should the year get officially closed?

WaynoNovember 24, 2015 08:53AM



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