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Bobby Final Kathy H. Albert GOVERNOR SECRETARY State of Louisiana Department of Health and Hospitals Office of Management and Finance MEMORANDUM TO: Assistant Secretaries OS Bureau Directors OF Division

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How to fill out current fiscal year-end closing

How to fill out current fiscal year-end closing:

01

Gather all financial statements: Start by collecting all relevant financial statements, such as the balance sheet, income statement, and cash flow statement. These documents will provide a snapshot of the company's financial position at the end of the fiscal year.

02

Review and reconcile accounts: Go through each account in the financial statements and ensure that they are accurate and up to date. Reconcile any discrepancies or errors that may have occurred throughout the year. This step is crucial for maintaining the integrity of the financial records.

03

Close temporary accounts: Temporary accounts, such as revenue and expense accounts, need to be closed at the end of the fiscal year. Transfer the balances from these accounts to the appropriate permanent accounts, such as retained earnings. This will reset the temporary accounts for the start of the new fiscal year.

04

Calculate net income or loss: Determine the net income or loss for the fiscal year by subtracting total expenses from total revenues. This figure will be important for assessing the financial performance of the company during the year.

05

Prepare financial statements: Once all accounts are reviewed, reconciled, and closed, prepare the final financial statements. These statements should accurately represent the company's financial position, including assets, liabilities, equity, revenues, and expenses.

06

Analyze and interpret the financial statements: After preparing the financial statements, analyze them to gain insights into the company's overall financial health. Look for trends, ratios, and other indicators that can help in making informed business decisions.

Who needs current fiscal year-end closing?

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Businesses: All companies, regardless of size or industry, need to complete the current fiscal year-end closing process. It ensures accurate financial reporting, compliance with regulatory requirements, and provides insights into the company's financial performance.

02

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03

Auditors and regulators: External auditors and regulatory bodies may require businesses to complete the fiscal year-end closing process to comply with reporting standards and regulations. The accuracy and integrity of the financial statements play a crucial role in these external assessments.

In conclusion, completing the current fiscal year-end closing involves gathering, reviewing, reconciling, and preparing financial statements. This process is necessary for businesses to assess their financial performance, comply with regulations, and provide stakeholders with accurate and reliable financial information.

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What is current fiscal year-end closing?

The current fiscal year-end closing is the process of finalizing financial statements and reports at the end of the fiscal year.

Who is required to file current fiscal year-end closing?

Businesses, organizations, and entities that operate on a fiscal year basis are required to file current fiscal year-end closing.

How to fill out current fiscal year-end closing?

Current fiscal year-end closing can be filled out by compiling financial data, reconciling accounts, and preparing financial statements in accordance with accounting standards.

What is the purpose of current fiscal year-end closing?

The purpose of current fiscal year-end closing is to accurately reflect the financial position and performance of an entity at the end of the fiscal year.

What information must be reported on current fiscal year-end closing?

Current fiscal year-end closing must include financial statements, balance sheets, income statements, cash flow statements, and any other relevant financial reports.

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