Opening and Closing necessity in any jurisdiction

[Wm]

Mon, 22 Dec 2014 06:47:04 <20141222064704.50e3be19 at mum-quad.billiau.net> 
Liz <edodd at billiau.net>

>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.

One person, he can be found as a refugee in the ledger lists.

Milk receipts from different shops and similar, no actual evidence his 
country wanted him to do anything, just one of those people that wants 
to record *everything* and ledger is better for that sort of person.

>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.

They do for the orgs I work for and presume they do for others.

It is possible that Liz and I get different accounts from people outside 
(I think) Oz and UK where honesty is presumed.

>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.

Annually for my current org, more often if they had more funds flowing 
through.

>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.

You are stating a situation at a point in time.

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

If you do them right you tend not to get asked again in my experience :)

-- 
Wm...