Closing expense accounts is a crucial part of the accounting cycle that ensures accurate financial reporting. At the end of an accounting period, all expense accounts—such as rent, utilities, and salaries—are closed by transferring their balances to the Income Summary account. This process resets the expense accounts to zero, preparing them for the next period. At Accounting.Profit Spear, we simplify this process for small businesses by offering expert small business accounting services in USA and small business bookkeeping services in USA, ensuring your books are clean, compliant, and ready for growth.

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