Sorena Company Fiscal Year Summary
Sorena Company asked that our firm not close its revenue accounts at the end of the company’s fiscal year. After researching the issue on it is my opioid that Accounting Services deny Sorena Company request. First, if we close Sorena Company revenue later then the end of the fiscal year it could cause the firm to deal with in wanted legal issues. If using a fiscal year, you must maintain your books and records and report income and expenses using the same tax year. ("Publication 538 (3/2008), Accounting Periods and Methods," n.d.) Second, the owner is correct in assuming closing revenue accounts late would look better on year-end statements but it could cause potential problems for the next tax years. Next years revenue accounts would be short
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