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Closing

Both Journals, Accounting Journal and Cash Journal should be closed at 31 of December. Any other Bank Account or Financial Appliance should also have the respective journal closed at this day. Between Closing the Accounts day and the meeting day avoid to receive Quota's in Cash. If you accept receiving an quota at this period, create a new Cash Journal for this new year and record there.

This task require the Account Statement with all transactions until day 31 of December.

Closing implies:

  • Close Cash Journal
    The last entry should be "Closing" as indicated in Cash Journal guide.
     
  • Close Account Journal
    As Cash Journal, last entry should be Closing.
     
  • Close Savings Account Journal and any other Financial Appliance
    Same as Account Journal.
     
  • Update Quota Map
    Underpayment or overpayment should also affect balance. Annual payments, if is the case, should be reflected on the Quota Maps, on some additional column.
    The balance will transit to the next Administration so the next Administrator can easly regularize each homeowner situation.
     
  • Produce Income Statement
    Produce the document that summarizes your administration, in financial perspective. See Income Statement page.