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Financial close management [1] (FCM) [2] is a recurring process in management accounting by which accounting teams verify and adjust account balances at the end of a designated period [3] in order to produce financial reports representative of the company's true financial position [4] to inform stakeholders such as management, investors, lenders, and regulatory agencies.
Closing entries are journal entries made at the end of an accounting period to transfer temporary accounts to permanent accounts. An "income summary" account may be used to show the balance between revenue and expenses , or they could be directly closed against retained earnings where dividend payments will be deducted from.
The sum total of each column should be equal, or "balance." The act of "closing the books" refers to zeroing out all the revenue and expense amounts at the end of an accounting period (typically a fiscal year) and adding the difference to the retained earnings account. This is called a "closing entry."
Year-ending (or "12-months-ending") is a 12-month period used for financial and other seasonal reporting. [ 1 ] In the context of finance , "Year-ending" is often provided in monthly financial statements detailing the performance of a business entity . [ 2 ]
Some audits involve a 'hard close' or 'fast close' whereby certain substantive procedures can be performed before year-end. For example, if the year-end is 31 December, the hard close may provide the auditors with figures as at 30 November. The auditors would audit income/expense movements between 1 January and 30 November, so that after year ...
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In accounting, reconciliation is the process of ensuring that two sets of records (usually the balances of two accounts) are in agreement. It is a general practice for businesses to create their balance sheet at the end of the financial year as it denotes the state of finances for that period. Reconciliation is used to ensure that the money ...
Closing day is the final step in what is often a lengthy process – also called “closing” – associated with a real estate sale. It can take a couple of months between signing a purchase ...
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