We've done it both ways.  Like you, holding off until the accountant gives us any adjustments, or closing the year as knowleggebase says. If you close the year before the adjustments, my experience has been that not all reports can be "rolled back" a period to reprint the final reports for December after the adjustments have been made because some pull from the current balance, current activity, current year, which is sitting in the new year for January.  You cannot really finish January either because not all January balances will be correct if there are any December adjustments yet to be done.  In my opinion, I'd rather wait for the adjusting entries and not close the year so that all reports in all periods give the correct information.

Ah, so what we do to get around that is, I make a copy of the database before I close the year.  So I have an "old" version of the database that I can refer back to that's "as of" 12/31 of the prior year. Then if I need a report from the prior year, I can just access the prior year database.

Ah, so what we do to get around that is, I make a copy of the database before I close the year.  So I have an "old" version of the database that I can refer back to that's "as of" 12/31 of the prior year. Then if I need a report from the prior year, I can just access the prior year database.

Yes, this works for December if you put the adjustments into the copy of the database and into the original database. 

But still you cannot really report January correctly.  The January Income Statement will be right, but nothing else until the adjustments are entered, posted, and the old year reclosed.