-----BEGIN PGP SIGNED MESSAGE----- Hash: SHA1 Hm, why do you think that you have to "close all outstanding transactions"? And what exactly to you mean with "closing"?
If you issue an invoice for 100 USD on December 30th, to be paid within the next 30 days then 2 things will happen: 1) you post sales of 100 USD (for the month of December) 2) you increase your account receivables by 100 USD There is nothing wrong with this situation; in fact it is a very common case. What you need to do before calling the yearend transaction is: - ensure that all cash and bank transactions are in the system - ensure that all invoices received from suppliers and all invoices issued to customers are in the system - ensure that your stock figures are correct (if you work with stock products) - post year end transactions like depreciation, taxes payable etc (your accountant will know this) Once that is done you run the yearend transaction (date Dec. 31st, and enter the account you want to post the yearend result to). That's it. If you made a mistake or forgot something make your corrections. Then you run the year end transaction again (of course with the same date as it relates to the same period). Regards, Bernd On Wed, 13 Apr 2011 00:10:42 -0400 (EDT) Luke <[email protected]> wrote: > 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 > > _______________________________________________ > SQL-Ledger mailing list > [email protected] > http://lists.ledger123.com/mailman/listinfo/sql-ledger -----BEGIN PGP SIGNATURE----- Version: GnuPG v1.4.10 (GNU/Linux) iEYEARECAAYFAk2lKoEACgkQpYU8M8PbPV7kiACgh4Ln6vkd0tiKlAiz7lKVgjoN akkAoK6sxs/YclJ3T1Ag4llbWFkM/560 =mfLG -----END PGP SIGNATURE----- _______________________________________________ SQL-Ledger mailing list [email protected] http://lists.ledger123.com/mailman/listinfo/sql-ledger
