Friday, 20 April 2012

Closing accounts at FY end

Hi Platinum

Could you tell me which account  I should close at the end of financial year? Do we need to close temporary account such as accumulated dep. or P & L statement account?

I try to post on the block, but I am not sure if sucessful? Thank you.

1 comment:

  1. Hi Shirley,

    At the year end, all P&L accounts will be rolled over the next year. Balance sheet items will be carried forward to the next year. Accumulated depreciation is not a temporary account. It will be carried forward continuously.

    Hope it helps.