I have a questions about the Year End Closing Procedure. I went over the 'Tips for Year End' document and this was very helpful.
What must the Date be of the Inventory Tracking and Posting that needs to be done as part of this process?
My Client will not do this Year End Closing at the Actual Year End Date, because of the Bank Recon and other outstanding entries. Must my client perform a Inventory Count for the Year End Date and enter this on that date?
The other question relates to the Year End Closing Accounts specified in the Utilities 'Period End Closing'. What must the 'Period End Closing' Account be? I assume this is also a Balance Sheet account.
Any help would be greatly appreciated.