Business, Legal & Accounting Glossary
Year end is the end of a business’s accounting year. It’s short for ‘accounting year end’.
The end of the business’s financial year. This will be December 31 for most businesses. If your year end is not December, you are considered to have a fiscal year.
The end of the financial year.
The end of an organization’s fiscal year is referred to as year-end. Many businesses operate on a calendar year basis, in which case their fiscal year ends on December 31. Other organisations follow different fiscal years, resulting in different year-end dates. For example, a company with a fiscal year that begins on February 1 would have a year-end on January 31. A company’s year-end is usually chosen to coincide with the end of a month in which the organisation has seen a decline in activity. As a result, it will have liquidated a large portion of its receivables and inventory, making it easier to close the books. Once established, a company’s year-end date is rarely changed.
During this period, the accountant calculates how much tax a business owes to the government. Bookkeepers need to ensure that reconciliations are completed, transaction entries are correctly coded, supporting paperwork is readily available, and that sales taxes and PAYE taxes have been processed.
As of year end, net assets were valued at £2.4 million.
Back end load
Back end loan fund
Closed end fund
Closed end investment company
Closed end investment company or fund
Closed end mortgage
Commodity year color codes
Common base year analysis
Crop year
End of month
End of year convention
Fiscal year
Front end load
Open end fund
Open end investment company
Open end mortgage
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This glossary post was last updated: 11th August, 2022 | 0 Views.