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General Accounting Discussions: Closing Entries

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    • CommentAuthorbill2
    • CommentTimeFeb 4th 2008
     
    I have some questions regarding closing entries first if finacial statements are prepared monthly for management put yearly for the public are closely entries need to be done monthly or yearly?
    • CommentAuthorsheikh979
    • CommentTimeFeb 5th 2008
     
    you can do monthly basis, it is good.
    • CommentAuthorlee
    • CommentTimeFeb 7th 2008 edited
     
    hi, im carrie........closing entries are to be done after each time you have already prepared your financial statement.............remember the accounting cycle.....starting from identify the transaction until preparing the post-closing trial balance??????closing entry is the last secod step.....is depend wether the company prepared its fs on monthly or yearly basis.....
    • CommentAuthorbill2
    • CommentTimeFeb 25th 2008
     
    thank you!
    • CommentAuthorfaizan1990
    • CommentTimeMay 14th 2008
     
    Dear Bill,
    Closing entries are required to be made every time "at the end of given accounting period", regardless of month or year. If the company reports on monthly basis, then it'll have to close its accounts monthly.

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