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We got a good whack at some of the month-end/year-end closing. I closed the Inventory module. Tomorrow I’ll close Accounts Recoverable and sales taxes. In a couple of days, I’ll close Accounts Payable and then Payroll. We’ll print W-2’s and we should be good for 2004.
In going through our General Ledger for 2003, I had a brief scare. I found some good-sized numbers that looked like I was going to have to restate our earning sharply downward. However, I went through the two inventory accounts, tracked down each entry, and found the error and a few others. I even wound up restating our earnings upward – always a good thing.
I don’t know how anyone runs a small business without knowledge of bookkeeping. Knowing bookkeeping in running a business is like knowing algebra to do engineering.
My hat is off to that 15th century Franciscan monk Luca Pacioli, for creating double entry bookkeeping. It now runs the whole world.
Posted by Ted at January 1, 2004 3:32 PM