Accounting closing is understood as the process carried out by a company at the end of the year to obtain the result of the year; It is carried out in order to generate accounting entries that help us determine the financial situation of the company by obtaining the difference between assets and liabilities; Likewise, it allows us to carry out the corresponding accounting adjustments and generate a result. In this article we will provide you with the information that you must take into account for the accounting closure of a company.
Lean accounting
The first step is to check that the accounting balances all the numbers, there are various accounting programs that facilitate this process without errors and completely transparent. Once everything is set up, the next steps are:
- Carry out the trial balance: the difference between income and expenses of the year is obtained.
- Accounting adjustments: the accounting expert must review the chart of accounts of the general accounting plan and verify that there are no errors.
- Inventory: It is essential to make an inventory to know the stocks that are held and with which they are going to close the year.
- Balance of creditors and suppliers: the accounts payable and receivable that belong to the accounting year must be taken into account.
- Profit and Loss: It is the difference between total income and expenses for the year.
- Result before taxes: Once all the adjustments have been made, you will obtain the result before taxes; is accounting income minus accounting expenses. This is done on December 31 and is reflected in the profit and loss statement.
The current programs facilitate the accounting closing of a company, however; It is best that you hire an expert accountant who knows the subject, in this way you guarantee that your company's accounting is always up to date.
The information that you must take into account for the accounting closing of a company is found in detail in our office of accountants; Contact us and request information, we will take you by the hand so that you forget about the numbers and focus on growing.
