Year-end closing is the process of reviewing and adjusting all accounts to ensure that they accurately reflect the activities for the fiscal year. It is the final step in the accounting cycle before preparing a financial statement. The goal of year-end closing is to provide financial statements with the most accurate financial picture possible.
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Judit Kósa , Financial Analyst Manager - Grocery Home Shopping CR SR HU , TESCO-GLOBAL Stores Ltd
Year-end closing means finalizing the GL accounts during the financial period, posting adjustments, accruals. Accordingly preparing the balance sheet, profit and loss statement, cash-flow. Once auditors approve it , financials can be presented to the owners, possible investors to provide accurate Information about the business performance
