closing entries
[/ˈkloʊzɪŋ ˈɛntriz/]
nounpl: closing entries
lançamentos de encerramento
1. Accounting journal entries made at the end of an accounting period to transfer the balances of temporary accounts (revenue, expense, and dividend accounts) to permanent accounts (retained earnings), thereby resetting temporary accounts to zero for the next period
The accountant recorded the closing entries to prepare the company's financial statements for the fiscal year.
O contador registrou os lançamentos de encerramento para preparar as demonstrações financeiras da empresa para o exercício fiscal.
2. The final step in the accounting cycle that closes out income statement accounts and prepares the balance sheet for the next accounting period
Closing entries are essential for maintaining accurate accounting records and ensuring proper financial reporting.
Os lançamentos de encerramento são essenciais para manter registros contábeis precisos e garantir relatórios financeiros adequados.
Closing entries are a fundamental part of the accounting cycle in both Brazilian and American accounting practices, governed by accounting standards (IFRS in Brazil, GAAP in the USA). They represent a critical monthly or annual process for companies to prepare accurate financial statements and are typically performed by accounting departments or external auditors.
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