Accounting glossary
What is year-end close?
The process that finishes a fiscal year: final adjustments, statements produced, net income rolled into retained earnings, and the period locked against change. A closed year is a promise to everyone who relies on the numbers.
Example
Before closing, four checks must pass: the trial balance balances, the balance sheet balances, profit agrees between the statements, and every journal entry balances individually.
Then the period is frozen at the ledger, so no backdated document can disturb the figures your accountant signed.
In SeroBooks
Close, roll and lock — with the lock enforced at the ledger itself. Year-end close →
Nearby terms
Stop looking terms up. Start seeing them work.
Free to start, on Windows, Mac, iPad and Android. No credit card.