“The books” are a business’s revenue, expense and income summary reports. A business owner can close their books by zeroing out their income and expense accounts and then plugging net profit (or loss) into the balance sheet.
Some accounting software will automatically close your income and expense accounts at year end before adding your net profit (or loss) to your retained earnings account.
Use this workflow template to close out your clients' books at the end of their financial year so that nothing gets missed.
For more information about the FreshBooks accounting partner programme, click here.
Created for FreshBooks by Kellie Parks.