This is an accounting question.
I realized, after the end of a year and well into the start of the next,
that in order to insert a yearend transaction, I was supposed to close all
outstanding transactions--unpaid or partially paid invoices, etc..
I have a few transactions open at the end of 2009, and many open at the
end of 2010.
All of the 2009 sales were closed in 2010, although there are one or two
long standing payables that may still be open from December 2009.
All of the 2010 transactions were closed in the first few months of 2011.
What can I do here to make these books right, and install proper yearend
transactions?
Do I actually need to close out all open transactions, as some of the
documents I have found suggested?
If that is so, I am going to need to do quite a bit of re-posting and
account editing.
Mine is a service business, although I do use vendor invoices for
some vendor services, and regular invoices for sales, since I sell a lot
of the same thing.
Thanks
Luke
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