Year-End Process

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Definitions
Closing Entry
Closing Entry Accounting Year-End Process Temporary Accounts Financial Statements Bookkeeping General Ledger
In accounting, a closing entry is one of the final entries made at year-end to close accounts and transfer the amounts to financial statements, ensuring all temporary accounts are reset for the next accounting period.
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Definitions
Stocktaking
Stocktaking Inventory Management Year-End Process Stock Valuation Accounting Stock Counts Random Inventory Checks
Stocktaking is the process of counting and evaluating stock-in-trade, typically carried out at an organization's year end to value the total stock for final accounting purposes.
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