How to make accounting entries at the end of the year?

The closing of an enterprise is usually carried out at the end of the month or year. What are the relevant accounting entries if the account is closed at the end of the year?

Accounting entries related to year-end settlement

Carry-over income:

Debit: main business income

other operating income

Non-operating income

Loan: profit this year

Carry-over costs, expenses and taxes:

Debit: this year's profit

Loan: main business cost

Taxes and surcharges

Other business costs

selling cost

Management cost

financial expenses

Non-operational expenditure

Carry-over investment income:

Net income:

Borrow: investment income

Loan: profit this year

Net loss:

Debit: this year's profit

Loan: investment income

What do you mean by checking out?

Closing is to summarize the financial revenue and expenditure of economic activities in a certain accounting period, so as to prepare financial accounting statements, and calculate and summarize the current amount and ending balance of various account books.

Intuitively speaking, it is the settlement process of all kinds of account books records, which is the process of settling all kinds of account books records into current amount and ending balance on the basis of registering all economic businesses that occurred in a certain period.

What is the main procedure of checkout?

In order to summarize the economic activities in a certain period, such as month, quarter and year, enterprises must settle accounts by month, quarter and year. Simply put, closing accounts means closing accounts, that is, after all the economic transactions that occurred in a certain period are registered, the economic transactions recorded in various account books are settled clearly, and the total amount and ending balance of the current period are made, or the balance is carried forward to the next period, so as to prepare accounting statements, distinguish the accounting records of the previous period and continue accounting by stages. The main procedures of checkout include the following steps:

(1) Get ready before checking out.

(1) Carefully check whether the daily economic business of this period has been fully recorded in the relevant account books, and if it is omitted, it should be supplemented. Note that only under the above premise can the case be closed. It is not allowed to close accounts in advance for compilation, nor can it be deliberately postponed.

(2) For the expenses and income that should be borne in the current period, fill in vouchers and register them according to the requirements of accrual basis; This period does not consider the expenses and income that should not be borne by this period.

③ Carry forward the accounts that should be carried forward. For example, the manufacturing expenses at the end of the period should be carried forward to the subject of "production cost"; The finished products of this period should be carried forward from "production cost" to "finished products".

(4) Check whether the creditor's rights and debts that should be paid off in this period have been paid off. For example, the tax arrears that have been recorded in the subject of "tax payable" should be paid in time; Collect all accounts receivable at the end of the month.

⑤ Check whether the expected deposit funds are fully deposited. For example, whether consumption tax and income tax payable are calculated and deposited in the "tax payable" subject.

⑥ Carefully reconcile the accounts, keep the account records correct, ensure that the accounts are consistent with the certificates, the accounts are consistent with the accounts, and the accounts are consistent with the facts, and provide true and reliable accounting information.

(2) List the current amount and balance of all accounts.

(3) Prepare the balance comparison table of the trial balance for the current period.

(4) Cross-bank settlement, and transfer the ending balance to the next period.

The closing work is carried out at the end of the month, quarter and year, so there are monthly closing, quarterly closing and annual closing, and the cross closing method is generally adopted.