Opening and Closing necessity in any jurisdiction

[Liz]

On Sun, 21 Dec 2014 17:36:16 +0000
Wm <wm+gnc at tarrcity.demon.co.uk> wrote:

> So, is there anywhere in the world where accounts must be closed and 
> opened each year?  I think the answer is no but I'm curious to find
> out if I'm wrong.

I'm sure some people maybe from Croatia reported that they had specific
requirements which included starting from 1 for the first invoice of
the financial year.

Otherwise, I see the point. Your bank didn't take away your passbook at
the end of the year and issue a new one. The account was continuous
from beginning to end. Now they send a regular report - with a starting
balance and an ending balance, and a list of how they came to that
number.

Reports need to be done at the intervals required - for me, GST every 3
months, income tax report each month, and a bigger number annually
which the accountant sorts out.

I put all that data on CD-R and give to the accountant.
The accountant is not concerned whether I close my books or not - I
provide the reports and the data. I think they work off the reports.

Logically the annual reporting and the historical record of the annual
reports are important, not the means of arriving there.

Liz