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Create New Year - Sage ERP Accpac General Ledger 6.0 …
NettetThe ABC Company 401 (k) Plan has a forfeiture account balance of $2,000. ABC decides to make a profit-sharing contribution of 5% of compensation for the year, which equals $20,000 for the year. In this case, ABC could remit $18,000 and use the $2,000 in forfeitures to bring the total to $20,000. This is an example of using forfeitures to reduce ... NettetCreate New Year This form: Creates and posts a batch of transactions to close income and expense accounts and enter the opening account balances for the new fiscal year. Opening balances for the new fiscal year for balance sheet and retained earnings accounts are the same as the previous year's closing balances. evil warrior cat generator
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