Glossary
Closing the books
Closing the books means finishing the recording of a period, a month or a year, after checking its figures, so it is not changed afterward.
What it means for a shop owner
Before closing, match the cash and bank, and review debtors, creditors and stock. After it, no entry with an old date goes in except through a documented fix. It gives numbers you can rely on for decisions and tax.
A worked example
After checking January with sales of 12,400 and costs of 8,900, you close it. The profit of 3,500 stays fixed and later entries do not alter it.
Related
Try it in your shop, free, no card.
The free plan: the whole shop for one branch, an offline cashier with stock, debts and accounting, with a daily limit on invoices, expenses and purchase orders. What it includes