Year end closing
We are working in June to July fiscal year, having month wise periods. When we start work from June- 2010 we have different open invoices in different years like 2000,2001,2002 and so on. We opened one period for one year to enter open invoices. Now we have to run year end closing my question is should we close all periods in sequence which opened to accommodate all open invoices?
Should we close all monthly periods in sequence or select them all at once?
We opened retained earning account Capital and Reserves is this accurate place for retained earning account?
Please do the need full.