General Procedure For Closing Accounts

Settlement is based on the registration of all the economic pactions occurring in a certain period, and the current and final balances are calculated and recorded.

The accounting procedures and methods stipulated in the basic accounting standards are:

(1) before the checkout, all the economic pactions in this period must be registered.

(2) at the time of checkout, the final balance of each account should be concluded.

If it is necessary to produce the amount of the month, the word "total monthly" should be marked in the abstract column and a single red line will be shown below.

If it is necessary to conclude the cumulative amount this year, it should mark the word "cumulative year" in the abstract column and issue a single red line in the following column. The cumulative amount at the end of 12 will be the cumulative amount of the year. The double red line should be crossed under the cumulative amount of the year. At the end of the year, all the general ledger accounts should bear the year-end balance and the year-end balance.

(3) at the end of the year, the balance of each account should be pferred to the next fiscal year, and the word "carry next year" should be indicated in the abstract column. The balance in the first balance column of the newly established account book in the next fiscal year is to be noted in the summary column.