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Accounting At Your Fingertips, 2e by George Murray, CPA.

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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 the calendar year, although it is 12 months long.

Steps and Timing

All businesses must prepare year-end financial statements for tax preparation. Most of the work takes place in the month following your year-end month. For example, for a December year-end, you will likely complete the closing ...

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