Accountants train for many years to avoid making fundamental mistakes such as missing journal entries. Closing entries are journal entries that move balances from temporary income and expense accounts ...

Financial records don’t just “end” when the fiscal year does. Companies often have a variety of accounts still open and active. To “close the books” on the period and establish the baseline for the ...

Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Erika Rasure is globally-recognized as a leading consumer economics subject matter expert, ...