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37730Federal Register / Vol. 68, No. 122 / Wednesday, June 25, 2003 / Rules and Regulations fiscal period began on July 1, 2002, and ends on June 30, 2003, and the marketing order requires that the
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01
Start by gathering all the necessary financial documents, such as income statements, balance sheets, and cash flow statements.
02
Identify the beginning date of the fiscal period, which is typically the start of the company's financial year.
03
Ensure that you have accurate and up-to-date financial data for this period.
04
Calculate the total revenue and expenses incurred during the fiscal period.
05
Prepare any necessary adjustments or accruals to ensure that the financial statements reflect the true financial position of the company.
06
Record the beginning balance of all relevant accounts, such as cash, accounts receivable, and accounts payable.
07
Make sure to reconcile any discrepancies between the beginning balances and the ending balances from the previous fiscal period.
08
Document all the financial information in the company's accounting system or financial software.
09
Review and verify the accuracy of the financial statements before finalizing them.
10
Once the fiscal period is complete, close the books by transferring the ending balances to the next fiscal period.

Who needs fiscal period began on?

01
All businesses, regardless of their size or industry, need to determine their fiscal period began on.
02
Companies that follow the accrual accounting method, which requires recognizing revenue and expenses in the period they are incurred, need to establish their fiscal period.
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Financial institutions and investors rely on accurate and timely financial statements that align with the fiscal period began on.
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Tax authorities and regulatory bodies also require businesses to report financial information based on their fiscal period.
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The fiscal period began on is the start date of the financial reporting period for an organization.
All businesses and organizations that are required to file financial statements must report the fiscal period began on.
The fiscal period began on can be filled out by entering the specific date in the financial reporting documents.
The purpose of reporting the fiscal period began on is to provide transparency and accuracy in financial reporting.
The specific date or time period when the financial reporting period started.
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