Overview of Closing Journals
Many organizations follow specific procedures to generate special journal entries to close and open fiscal years.
Optionally run one or both of these closing processes to create one of two types of closing journals that move forward year-end and other closing period-end balances.
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Create Income Statement Closing Journals: Posts all of the income statement account balances to one or more retained earnings accounts.
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Create Balance Sheet Closing Journals: Posts all asset, liability, and equity balances to one or more closing accounts.
Closing journals:
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Address global audit and statutory reporting requirements for Greece, Italy, Portugal, Spain, Colombia, Mexico, and other countries.
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Provide auditable journals for the United States and other countries.