📣 Closing the annual account

📣 Closing the annual account

🔸 Closing the account

is to sum up all the numbers to show exactly the truth It is very important. This is because it can be used to verify the correctness of the balance from the ledger by doing a trial balance.

Closing Entries is the transfer of accounts related to money. which is a temporary account to the capital account to find the correct balance on the date of the end of the accounting period all the way to finding asset and liability balances.

🔸 Account closures are divided into the following types:

- Daily Closing

Is to close the account in the cash book only every day to know the cash information in the account on a daily basis.

- Monthly closing

There will be additional closures from the daily. is to close the closing of the account in the cash book, purchase book sales book purchase tax item sales tax report service income book Sales income book monthly expenses other expenses various fees to keep for the trial balance

🔸 Yearly Closing

It is a major closing of all accounts in a ledger journal for use in the statement of financial position, statement of income, statement of changes in shareholders' equity. Notes to financial statements

The steps for closing an account are as follows.

1. Record the closing transactions in the general journal.

2. Posting the closing of the account From general journal to general ledger

3. Close the asset account Liabilities and Owner's Equity in the general ledger

4. Prepare a trial balance after closing the account.

5. Adjust the list at the end of the period

6. Prepare a trial balance after adjusting the list.

-------------------------------------------------------------------------------------

Details of online marketing services

>> https://www.chatstickmarket.com/langran

Examples of various brands that we take care of online marketing

>>https://www.chatstickmarket.com/portfolio