Most business accountants will provide a closing balance to management that represents the net difference between credits and debits in the ledgers they keep for a particular time frame. In closing - you are bringing your words/speech to an end by writing/saying something that does not necessarily link to what went before. These journal entries are made after the financial statements have been prepared at the end of the accounting year. Synonyms for closing at Thesaurus.com with free online thesaurus, antonyms, and definitions. Definition: The accounting closing process, also called closing the books, is the steps required to prepare accounts for financial statement preparation and the start of the next accounting period. A closing balance is the amount remaining in an account within your chart of accounts, positive or negative, at the end of an accounting period or year end It’s easy to stay on top of the balance of your accounts with online accounting software like Debitoor. 'In closing, I would like to say a few words of gratitude to my new father-in-law ...' In conclusion - you are summing up what went before, often by bringing the different strands of your thoughts or reasoning together into one neat summary. closing entries definition. Accounting: Transfer of account balances from subsidiary ledgers (containing nominal or temporary accounts) to income summary account at the end of an accounting period. closing balance: The positive or negative amount remaining in an account at the conclusion of an accounting period that will be carried forward to the next period. The closing price on one day can be compared to the closing price on the previous day, or 30 days earlier or a year earlier, to measure the changes in market sentiment towards that stock. Also called closing the accounts or closing the books. Most of the closing entries involve the income statement accounts (revenues, expenses, gains, losses, and summary/clearing accounts) whose balances will be transferred to the owner's capital account or the corporation's retained earnings account. Find descriptive alternatives for closing. The Closing of the American Mind: How Higher Education Has Failed Democracy and Impoverished the Souls of Today's Students is a 1987 book by the philosopher Allan Bloom, in which the author criticizes the "openness" of relativism, in academia and society in general, as leading paradoxically to the great "closing" referenced in the book's title. closing: 1.