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Asit C Mehta Account Closing Form

Asit C Mehta Account Closing Form

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welcome to mastering accounting skills in our previous session we have discussed all the steps involved in month end closing now in this video we are going to discuss year end closing of accounts year-end closing is actually a mechanism to update the retained earnings account ledger to equal the end of period balance at the end of the fiscal year closing entries are used to shift the entire balance in every temporary account into retained earnings which is a permanent account so now we will go through the steps involved in this process at step one as we have discussed already some steps in the month and closing so from in the month and closing from step one to five we need to repeat this in the year and closing process also so we will discuss it again on the first you need to make sure that all of your data entry is complete and then you need to verify the accuracy of your data also at second step you need to reconcile your cash account your bank account your notes receivable that is p

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