Dear Sir/Madam
Can anybody suggest me whether we can post the new financial year entries without closing previous financial year
Thanking you
Krishna Chand
Hello Krishna and Welcome to Dynamics User Group,
Firstly, now onwards please mention a suitable title to your post. Your current subject is not giving information about the topic and will get very less response.
Yes, this can be done.
Dear Sir,
Thank you for your suggestion. I was wondering if I have started the posting of new entries then if we close after these new postings in the new financial year. does it affect the G/L Ledger. And how can it be possible to start new financial year or accounting period without closing older one. Please advice me.
Thanking you,
Krishna Chand
No problem here - as Raj already wrote, you may post new FY entries without any restrictions. Closing FY is simply posting an entry per Income statement’s GL Account to “close” them all to some revenue account - and it is done only after ALL previous FY transactions are in place and checked by accountants. It may take months after physical end of FY and it is nothing extraordinar to be done with such a delay.
PS I changed the subject to more descriptive one, and further on, Krishna, please choose such descriptive subj. yourself - Raj explained already, why.