When you get to a period-end, you need to finalize all the bookkeeping entries for the period and make all the necessary adjustments (which are recorded in the journal).

Before you make these adjustments, you should perform the reconciliations to check for errors. How to reconcile the following is shown next:

• Prepayments & Accruals
• Fixed Asset Depreciation
• Closing off all the accounts
• The Trial Balance

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Last modified: June 1, 2008