At the end of an accounting period, certain accounts are closed so they have a zero balance at the beginning of the new accounting period. The act of zeroing these accounts is called closing entries.

Financial tracking is vital to business success because it helps business owners understand and monitor their financial health at all times. Proper financial oversight requires an understanding of the ...

Evan Tarver has 6+ years of experience in financial analysis and 5+ years as an author, editor, and copywriter. Ebony Howard is a certified public accountant and a QuickBooks ProAdvisor tax expert.

A company may set its competitive sights high to make money and make more of it over time, but it must heed its accounting cycle to ensure personnel follow stipulations top leadership has established.

The accounting cycle prompts bookkeepers to record and process any accounting events a company incurs during a period. These events range from when a transaction occurs to the final representation of ...