List and give a short explanation of the major steps involved in the closing process.

Question

Question

List and give a short explanation of the major steps involved in the closing process.

Answer 1

Answer #1

Below is the checklist of the Closing process with short explanation

1. Complete all transaction entries and posting i.e. Charge, Receipt, Payable, Payment, Journal Entries

2. Post the all Recurring Journals

3. Post all amortization entries i.e. GL Prepayment

4, Post Straightlining for all unearned revenue

5. Post GL allocation entries

6. Post all required GL reclass entries

7. Process Bank Reconciliation and post it

8. Close the property

9. Close the books of account

Thanks

Answer 2

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