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|Spanish to English translations [Non-PRO]|
Bus/Financial - Finance (general)
|Spanish term or phrase: cerrar caja|
|Por ejemplo,una empresa que cierra el ejercicio a final de año.|
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Local time: 11:25
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closing cash book
Note added at 10 minutos (2008-11-19 13:18:21 GMT)
Tambien se puede utilizar accounts book
Local time: 12:25
Works in field
Native speaker of: Portuguese
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fiscal year closing
Fiscal Year-End - The completion of a one-year, or 12-month, accounting period.
The reason that a company's fiscal year often differs from the calendar year and does not close on Dec 31, is due to the nature of company's needs. For example, retailers tend to close their books at the end of January due to the large amount of December sales. If the fiscal year-end is too close to a heavy selling season, the company will have extreme time constraints in producing its annual financial statements, having to count inventories, etc.
Fiscal year closing checklist
At the end of a fiscal year, you must prepare your accounts for the next fiscal year and close the current fiscal year. Requirements for this process differ, based on the laws and accounting practices of the country/region where your company is located.
Use the following information to prepare for a new fiscal year and close the current fiscal year.
Verify the closing options that you have selected. For more information, see Evaluate the closing setup
If you are using Inventory management, complete the inventory closing process. For more information, see Inventory closing.
Complete month-end and other period closings in all modules other than General ledger, including exchange adjustments on unrealized transactions. For more information, see Period closing in ledger.
Complete month-end and other period closings in General ledger and print financial reports for the month and quarter. For more information, see Monthly closing in ledger.
If your company is a consolidation company, complete steps 1 through 4 for each subsidiary, and set up the subsidiary accounts to consolidate data. If the data for the subsidiary companies is in a separate database, export the subsidiary data to use in a trial consolidation.
To close the fiscal year for a subsidiary company, refer to Prepare a consolidated company for a consolidation and Perform an online consolidation. Refer to Example of consolidation with currency conversion for more information about consolidation.
Complete year-end closing activities in all modules, other than General ledger, that might create some ledger postings, such as processing year-end depreciations in Fixed assets.
Create the new fiscal year. For more information, refer to Create new year (form).
Set appropriate periods to Stopped for the current fiscal year.
Back up your company's data.
Make adjusting entries. Click General ledger > Periodic > Fiscal year close > Closing sheet to create and post all necessary adjustments, including adjustments to taxes and writeoffs.
You also can post adjustments in the General journal.
Print final financial statements. For more information, refer to Generate, print, and export a financial statement.
Print 1099 statements for vendors that require the statements. For more information, refer to United States tax 1099.
Transfer opening balances for ledger accounts to a new fiscal year. For more information, refer to Transfer opening balances to a new fiscal year.
You can reset number sequences. Click Basic > Setup > Number sequences > Number sequences.
Print the final reports for the fiscal year, including financial statements, such as the operating statement and the balance sheet, and publish the statements as required by law. For more information, see Financial statements.
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Native speaker of: Spanish
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