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Hi
We have just reached our year end, so my question is, is it worth doing the year end or wait until the auditor comes back with journal adjustments? my reasoning is that I can continue entering transactions for the new year?
Regards
Stephen

Doing the year end now, will avoid the risk of backdated transaction being entered in the time frame between passing the info to the accountants and the year end being down.

All you need to do after Audit is a journal in the Balance sheet to reflect the changes to the opening balances caused by the accountant, these can be backdated and entered at anytime.

Some accountants do not understand open item accounting, they do things like adjustments to bank accounts, control accounts etc. These are not real transactions that can be reconciled, they are temporary adjustments, so they mess things up. I strongly suggest that if you encounter these, do not post them to the correct accounts, instead make an "Auditors XXXXXXX Adjustment" account adjacent to the "XXXXXXX" account they specified and post it there instead. If they post to a bank, then I would make a nominal code (in the bank range but not a bank account) and post to that.

Thank you.

Regards
Stephen