WHAT IS MONTH END CLOSING? AND WHAT YOU DO IN MONTH END CLOSSING PROCESS?
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Answer Posted / h.r. sreepada bhagi
By mistake the above answer is posted by me here for another
query on Cost Centre.
For this query -
Month end closing of Accounts is the process of completing
all the accounting entries by the month end, provisioning
for expenses an preparation of Profit & Loss A/c for the
month and Balance Sheet as at the end of that accounting
month. The process is like year-end closing and finalization
of accounts.
Month-end closing is necessary for preparation and
presentation of MIS Report for deliberations, analysis and
decision making.
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