Question

I need help with my accounting questions and was wondering if you could help me?

1. Explain the differences between the following dates: Fiscal Start, Fiscal End, Earliest Transaction, Session, Latest Transaction and Historical Transactions.

2. Assume that mistake have been made in entering the history balances and the system has been changed to Ready. What are two ways to correct this problem?

Answer 1

FISCAL START : This is first day of the any financial year that may start from 1st April or 1st July etc.

FISCAL END : This is the last day of Financial Year it is generally total of 12 months.

EARLIEST TRANSACTION: It means transactions that has been occurred before the said date or current date.

SESSION: This is a term that is generally used in the court of law or in business this may be used in the terms of period.

LATEST TRANSACTION: It means transactions that has been occurred immediately or 15 days and 1 month etc. ago.

HISTORICAL TRANSACTION : It means transactions that does not relates to current or future financial year. In other words we can say historical transaction is transaction that relates to previously financial year.

2. If any mistake is made in entering opening balance and software allow to make changes then either we can edit the opening balance or pass a adjustment entry on 1st day of financial year to correct the opening balance.