August 2025
Beginner
352 pages
8h 38m
English
Content preview from Bookkeeping For Dummies, 3rd Edition
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Chapter 23
Prepping the Books for a New Accounting Cycle
IN THIS CHAPTER
Wrapping up General Ledger accounts
Looking back through customer accounts
Checking for unpaid vendor bills
Clearing out unnecessary accounts
Transitioning into a new accounting cycle
In bookkeeping, an accounting period, or cycle, can be one month, a quarter, or a year (or other division of time if it makes business sense). At the end of every accounting period, certain accounts need to be closed while others remain open.
Just as it’s best to add accounts to your bookkeeping system at the beginning of a year (so you don’t have to move information from one account to another), it’s best to wait until the end of the year to delete any accounts you no longer need. With this approach, you start each year fresh with only the accounts you need to best manage your business’s financial activities.
In this chapter, I explain the accounts that must be closed and start with a zero balance in the next accounting cycle ...
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