Close Year - is it a must?

ykcheong

Good day to you. I am new using the Navision version 4.0.

My financial period is 1/12/04 to 30/11/05. Is it a must to run the Close Year and Close Income Statement before I can post the new fiscal year (Dec 2005) transactions? :?:

Can I still run the Close Year and Close Income Statement after I have posted the new fiscal year (Dec 2005) transactions? :?:


Thank you very much for your help.

Have a nice day!!

Best regards,
YK

Adux

ykcheong wrote:

Good day to you. I am new using the Navision version 4.0.

My financial period is 1/12/04 to 30/11/05. Is it a must to run the Close Year and Close Income Statement before I can post the new fiscal year (Dec 2005) transactions? :?:

Can I still run the Close Year and Close Income Statement after I have posted the new fiscal year (Dec 2005) transactions? :?:


Thank you very much for your help.

Have a nice day!!

Best regards,
YK

It is Ok.
You will be able close year and close income later.

pymdon

Closing the year allows you to see the perfomance of the new fiscal year without filtering for the Net change.the practice is compliant to GAAP and therefore should be a must. if you have several copmanies and you sale one , the buyer will need to distinguish between pre and post acquisation profits and this is made simple if u close periods every year.

ykcheong

I would like to thank Adux and Pymdon for their advice.