I attend penn foster i an working on chapter 1 example number 06168900 and want to know how do i began to do a 3 month accounting period using a fiscal year calendar?
To begin a 3-month accounting period using a fiscal year calendar, you need to follow these steps:
1. Determine the fiscal year start date: The fiscal year start date is the first day of your accounting period. This date may be different from the calendar year start date. Check your school's guidelines or any specific instructions provided to find out the fiscal year start date.
2. Identify the fiscal year end date: The fiscal year end date is the last day of your accounting period. Since you want to have a 3-month accounting period, you need to determine the end date, which would be 3 months after the start date. This will be the last day of your accounting period.
3. Set up your fiscal year calendar: Create a calendar or use a spreadsheet to mark the start and end dates of your accounting period within the fiscal year. Make sure to include all the months and days in between.
4. Allocate transactions and data: Once you have your fiscal year calendar set up, you can start allocating your transactions and data to the respective months. For example, if you are studying example number 06168900, enter the relevant accounting information for that example in the appropriate month's column within your fiscal year calendar.
Remember to keep track of all the financial activities, income, expenses, and other relevant data within the chosen 3-month accounting period.
By following these steps, you can maintain a 3-month accounting period using a fiscal year calendar. If you have any specific guidelines or questions from your course material, make sure to refer to them for further instructions or details.