How do I account for a dividend?

How do I account for a dividend?

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If a dividend is calculated & declared after the year end audit, how is it booked into the accounting system? Should the PY be reopened and it posted here, or should it go as an adjustment to the current period?
Dave Roberts

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By NeilW
22nd Jun 2006 14:18

Current Year
You book dividends on the date they are declared. You can no longer provide for them or adjust for them.

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