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Closing the Ledger - Wrapping Up Your Financial Year Right
Manage episode 448455976 series 3593419
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In this episode of The Accounting and Bookkeeping Show, Jane and Tom take you through the final steps of the financial year with an in-depth look at Closing the Ledger. Before diving in, they break down Balance Day Adjustments, explaining why these final tweaks are essential for accurate financial reporting. Then, they guide you step-by-step through the ledger-closing process, detailing how to reset your accounts and determine profit or loss. Perfect for business owners and finance professionals, this episode ensures you’ll finish the year with a clear, complete financial picture. Plus, Jane and Tom answer a listener question on why some adjustments are reversed in the new period. Don’t miss this essential episode—your books will thank you!
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