What is a closing process in administration?

Closing process in administration

What is a closing process in administration? 

By closing process in administration, we refer to the conclusion of a financial period in the accounts. This involves incorporating all transactions from the preceding period to establish a new benchmark for your figures.

At the end of the period, the standings, commonly known as the balance sheet, become known. Additionally, the revenues and expenses realized during the period, also referred to as the income statement or profit and loss account, are determined. Moreover, the cash flow is derived from the transactions of the past period.

Also read 'Key financial ratios often reveal the difference between successful and bankrupt companies'.

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