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Bookkeeping year end journals

Jennybooks · 2020-11-11 21:52:01

The company I am working for are just about to year end their accounting package but I am confused as to what journals need to be done. I know the expenses need to be 0 going forward to the next year but what is the double entry of this and how does it work if I just transfer the balance to another nominal account won’t…

11-11-2020 10:52pm

#1

Jennybooks

Registered Users Posts: 2 ✭

Join Date: November 2020

Posts: 0

The company I am working for are just about to year end their accounting package but I am confused as to what journals need to be done. I know the expenses need to be 0 going forward to the next year but what is the double entry of this and how does it work if I just transfer the balance to another nominal account won’t that just bring the balance forward in another nominal account?
Any light shed on this would be great!!

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