At the end of an accounting period, certain accounts are closed so they have a zero balance at the beginning of the new accounting period. The act of zeroing these accounts is called closing entries.

Closing entries transfer revenue and expense balances to the retained earnings account. This process resets the temporary account balances to zero for the new accounting period. Recording closing ...

Accountants record closing entries at the end of every accounting period. Closing entries transfer the revenues and expenses the company incurred during the period to the equity section of the balance ...

Financial records don’t just “end” when the fiscal year does. Companies often have a variety of accounts still open and active. To “close the books” on the period and establish the baseline for the ...

To provide guidance for financial year-end closing activities. The UTSA fiscal year is September 1 through August 31. Year-end closing activities are performed each fiscal year to help provide an ...