What is a closing process?
By closing process we refer to the completion of a period in accounting. This involves incorporating all transactions from the preceding period to establish a new benchmark for your financial figures.
At the end of the period, balances are determined, commonly known as the balance sheet. This also includes the revenues and expenses realized during the period, often referred to as the income statement or profit and loss statement. Additionally, the cash flow is derived from the transactions of the past period.
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