oboloo Glossary

Accounting Month End

oboloo Glossary

Accounting Month End

Accounting Month End is a critical part of the accounting cycle, during which account balances are reconciled and financial statements are generated. At the end of each month, companies must close out their books by preparing a series of documents, including trial balances, adjusting entries, and closing journals. Without these crucial documents, companies would not be able to accurately measure their income and expenses or identify any discrepancies in their accounts. Therefore, Accounting Month End ensures that financial records are up-to-date, accurate, and compliant with Generally Accepted Accounting Principles (GAAP).