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Accounting At Your Fingertips, 2e by George R Murray

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11

Year-End Reporting

11.1 Year-End Closing Procedures

11.2 Adjusting Entries

11.3 Preparing a Trial Balance

11.4 Generating Financial Statements

11.5 Opening New Books

11.6 Additional Reports

11.1 Year-End Closing Procedures

Steps and Timing

Reviewing and Reconciling Accounts

Summarizing to the General Ledger

This subchapter gives an overview of the process for closing your books at year-end. We discuss how to summarize financial activity for the fiscal year, as well as procedures you need to perform to help ensure that balances are recorded properly.

A fiscal year is an accounting period 1 year in length. It doesn’t necessarily coincide with ...

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