How to Prepare Closing Entries (Financial Accounting Tutorial #27)

How to Prepare Closing Entries (Financial Accounting Tutorial #27)

Winshuttle services are utilized in numerous organizations to accelerate as well as automate the monetary closing procedure. The products could be made use of just to submit memo transactions by means of Excel or with worldwide process procedures. Some of our customers have in the money division 2 or 3 users that utilize Winshuttle and they can lower the closing procedure with 4 to 5 days with straightforward routines.

Our biggest clients that have a number of hundred as well as over 2000 individuals entailed in the monthly closing procedure could simply refrain from doing the work without automated devices like Winshuttle. If you really feel that you have room for boosting the closing procedure, contact us and ask for more information. Meanwhile take a look at the White Paper created by Christer Mäkelä."
"so hopefully you're pretty excited that we're going to be finishing off the accounting cycle I know I am because I wanted to start on the merchandise inventory videos and before we get to that actually had to finish up this last presentation regarding closing entries so where we left off last time was temporary and permanent accounts which is going to help us understand how to close those or those temporary accounts so

if you remember from last time those temporary accounts are our read accounts which are revenue accounts expenses and dividends so how are we going to get rid of these balances because that's what we need to do for these temporary accounts well what we're going to do is for instance if we have we have five thousand dollars of revenue and you kind of remember that revenue does have a credit balance well what we're

going to do in order to bring this balance down to zero is we're going to do the opposite by debiting revenue by five thousand dollars that way we're going to have a final balance of zero and our temporary account will be zeroed out so that's exactly what we're going to do in this tutorial we're going to clear those temporary account balances and transfer them to a permanent account which you know now is retained

earnings so let's get on that and I actually created some balances for this this presentation I have an income statement with revenues expenses and I actually do want to put up that dividends for this tutorial are going to be one thousand dollars let me just put that up here at the top dividends are one thousand all right so how are we going to actually close out these accounts well we're going to do them

in a specific order we're going to first close out revenues secondly we'll close out expenses and then we're going to close out our our last temporary account which is dividends last so let's do this let's start with revenues so revenues have...

See more here: https://www.youtube.com/watch?v=4H_ImqWR5f4

Here’s more about financial statement close process narrative!

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How to Prepare Closing Entries (Financial Accounting Tutorial #27)Winshuttle services are utilized in numerous organizations to accelerate as well as automate the monetary closing procedure. The products could be made use of just to submit memo transactions by means of Excel or with worldwide process procedures. Some of our customers have in the m...