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    Accounting wise what do you have to do to close a period out

    0  Views: 491 Answers: 1 Posted: 14 years ago

    1 Answer

    Speaking as a non-accountant who closes out a period every month with her own finances, I balance my checkbook.  I take a look at the short and long term liabilities and make sure they are posted up-to-date.  I look at income received for the period, as well as income that was generated for the period but not received.  Compare expenses and income, generate a balance sheet for the month and year-to-date. 
    It's basically a matter of knowing what you have, what you owe, and what is owed to you on a specific date. 



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