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Re: When should the year get officially closed?

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November 25, 2015 09:46AM
This is why we have accounts receivable and accounts payable, to account for time differentials between actual transactions.

As long as you have near correct inventories when you do a year end, nothing will be affected adversly. A year end will roll the harvested crop with a cost basis into an asset with a value based on the cost.
Inventories can still be adjusted the same way. Adjust the harvest job quantities to maintain true inventories of harvested crops.
I usually make my adjustments just prior to recording the last sale.

Hopefully helpful,

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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