Disadvantage of delaying year end close, continue the normal operation in the following month.

(0) Share

Report

Posted on by lmai

2,438

Hi All,

Due to some errors that we have fix, the book is not close on time (as normal). What are the disadvantages if we continue to book transactions in the following month as normal operation. The only think I could think of would be the income rolls into the Retain Earning and inventory close (if FIFO). Is there any else that I should concern about?

Thanks so much!

I have the same question (0)

All responses (1)

Answers (0)

André Arnaud de Cal... 300,721 Super User 2025 Season 2 on at

Like (0)

Report

RE: Disadvantage of delaying year end close, continue the normal operation in the following month.

Hi Kim,

Usually, you close with a particular end date on the parameters form. That will take transactions for closing until that date. You can continue with the operations and close at any time you prefer.

To prevent postings in the old period, you can lock periods so it can be be used by several persons part of a user group only.

Was this reply helpful? Yes No