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Alpha Teach Yourself Bookkeeping in 24 Hours by Carol Costa

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Hour 17

Closing the Books at the End of the Year

Chapter Summary

In this hour you will learn about…

  • Writing off outstanding checks
  • The Trial Balance
  • Identifying and correcting problems
  • Running year-end reports
  • Closing the General Ledger
  • Keeping payroll records
  • Balance Sheet accounts for the new year

You’ve already learned about the payroll reports and forms that are issued at the end of the calendar year. Now we will go through the other tasks that close out one financial year and begin a new one.

 

It doesn’t matter whether the company operates on a calendar year or a fiscal year; the procedures to close out the old year and begin the new one are the same.

 

Up to this point, you have studied a number of small companies and learned the basic steps of working ...

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