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fiscal year

Former Member
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Experts:-

Already completed one fiscal year(2005-' 06,Now we are in fiscal year in 2007-' 08)

can we transfer any balance in the previous year it means(2005-' 06), In this I am say for this answer NO, but ( interviewer) asking picked answer,( HAVE THE ANY REASON FOR THIS ONE). PLZ...... help

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Answers (2)

Answers (2)

Former Member
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You dont generally close the book till the audit is over. You close your books technically from your side subeject to audit. Audit related postings are made in special periods 13 to 16. There is no hard and fast rule relating to closing the books.

Former Member
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Hi ameer,

It all depends on the situations. But technically speaking once the periods are closed for the previous year, you cannot post anything. But if the auditors insist that the particular entry need to come in that paticular year only, then you have no other choice but to reopen the period and post the document and do the balance carryforward. It all depends on the companies policies and Auditors views.

Regards

Sridhar