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Closing the Books
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The task of closing the books is performed at the end of the accounting period - it involves preparing the necessary accruals, reserves and posting of journal entries such as depreciation of fixed assets.

The task of closing the books is performed at the end of an accounting period (such as: January 1st through January 31st). Closing the books supports a business’s financial reporting and involves preparing the necessary accruals and reserves as well as posting of journal entries. Once all the adjustments are made, financial statements are being issued and the accounting period is locked so that no changes can be made to prior accounting periods.

Closing the Books activities
  •   Prepare and post Journal Entries (accruals, reserves, depreciation, inventory adjustments)
  •   Zero-out Income and Expense accounts and post the profit or loss on the balance sheet

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