1 the total amount of money that a company pays to its employees. 2  a company's records of its employees' salaries and wages, bonuses, and withheld taxes. 3  the company's department that calculates and pays these. the total amount of money that a company pays to its employees. 2  a company's records of its employees' salaries and wages, bonuses, and withheld taxes. 3  the company's department that calculates and pays these.
Closing entries are needed to clear out your revenue and expense accounts as you start the beginning of a new accounting period. Preparing your closing entries is a very simple, mechanical process. Follow these steps: 1  Close the revenue accounts. 2  Prepare one journal entry that debits all the revenue accounts.
10 Crucial Year-End Closing Procedures for Accounting. December 9, 2014. 10 Crucial Year-End Closing Procedures for Accounting. Your businessâ year-end closing procedures are vital to the success and organization of your company. One of the most important parts of your year-end procedures is closing out the books.