Our full year ended a couple of months ago and we are pretty happy now that we have final year-end figures that show an increased profit (due to very positive exchange variances) and the shareholders/Directors therefore want to issue a final dividend on top of some interim dividends issued during the year.
I have never been involved with final dividends, so wanted to check how best to post these in ledgers?
The dividend will clearly be paid out after that financial year has finished, but do relate to that previous year (and assume that is the norm), so how is it best to post these?
We currently have issued interim dividends, but these were paid out during that financial year so the posting to a dividends code in "equities/balance sheet" are dated within the financial year concerned.
If we pay a final dividend out on July 1, what is be practice for how I should then post all of these (interim and final) to the P&L for the last financial year?