![]() The fiscal year refers to a 12-month period that often follows the calendar year from January to December, but can also start from the day the business was registered. ![]() The goal is to prepare a final financial statement for potential external audit, to be stored within the company’s official financial records. This involves calculating the business expenses, income, revenue, assets, investments, equity, and more. Also known as "closing the books," year-end closing is the process of reviewing, reconciling, and verifying that all financial transactions and aspects of the company ledgers from the past fiscal year add up.
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