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This course describes the annual closing process, including its place in the accounting cycle. Examples of closing the accounting cycle and the primary closing journal entries are presented along with the underlying reason they are necessary.
A comparison of the Statement of Retained Earnings and the closing process will be presented to help tie together the student’s knowledge of this important step in the accounting cycle.
Course Series
This course is included in the following series:
11 CoursesBack to the Basics: Accounting Fundamentals
- Accounting Review: The Basics of Debits and Credits
- Transaction Analysis, T-Accounts, Debits and Credits, and Trial Balances
- Accounting Review: Overview of Financial Statements; P&L, Balance Sheet, and Cash Flow
- The Accounting Equation and Financial Statements
- Bank Reconciliations, Cash, and Internal Controls
- Accounts Receivable Training: Bad Debts
- Equipment and Depreciation
- Inventory Costing
- Purchase and Sale of Inventory
- The Adjusting Process
- The Closing Process
Learning Objectives
- Discover the reason to perform closing journal entries and identify how they fit in the accounting cycle
- Recognize how to prepare the four closing journal entries
- Identify the closing entries and discover how they compare to the statement of retained earnings
Last updated/reviewed: October 18, 2018
49 Reviews (185 ratings)Reviews
Dennis Blyth
(Accountant at -)
Good basic overview of the closing process and related journal entries. Instructor is easy to understand and organized the course well. If you are looking for a more in-depth discussion of the close process I would recommend a different course.
Anonymous
(controller)
This course provided a basic presentation of the closing process and journal entries. The instructor showed clear examples of how to close out the financial statements and the reasons you make the entries. Nice beginner course.
Anonymous
(Accountant)
This was a nice overview of the closing process and the adjusting journal entries that accompany it. I appreciated all of the examples he worked through to show us exactly which accounts are affected.
Madeline Edwards
(Senior Accountant at Unemployed)
Good refresher on the closing process. I did have a couple of technical issues with the system appropriately tracking my progress which was frustrating. But the class itself is good and very detailed.
Anonymous
(Owner)
This course is ok and teaches the basics but is very elementary and thus not appropriate for the seasoned professional. Best for someone with little accounting training and book knowledge.
Anonymous
(Program Manager - Net Revenue)
Very detailed examples but they were easy to follow. Good refresher for the close process and what order to complete tasks in. Helps with overall understanding of accounting principles.
Micheal Gregor
( at Tervita)
This course provides a complete review of the closing process and journal entries with good examples to work with. A good review if you need a refresh on the process.
Michael Izzo
(Sr Financial Reporting Analyst at Catholic Health Initiatives)
Very thorough instruction on how to close out the income statement to retained earnings. Used concepts very well to help illustrate the learning objectives.
Anonymous
(Accountant)
I'd prefer for a self study course to have more notes available in a pdf form. Otherwise, good course with a good simple example to get the point across.
Lawrence Hirsch
(Controller at Builders design)
Basic reinforcement of the closing cycle process and entries. Great refresher that I needed. Thank you for the clear and concise presentation.
Anonymous
(Accounting Manager)
Excellent review course on the closing process. Would have liked the data for the review questions to be shown in a trial balance format.
Justine Soares
(Accountant at Google)
The first half is very beginner level. I enjoyed the second half though, which helped connect the dots of how each f/s impacts each other.
Christopher Ledford
(Senior Corporate Accountant at Drake Enterprises)
This was a very thorough review of the closing process. However, it was a bit simplistic for anyone who has ever done a closing before.
Ian Petrillo
(Assistant Controller at MFM Contracting Corp.)
Great course that shows real world examples of recording transaction to the ledger and producing financial statements from them.
Raveendran Madappattu
View Instructor Profile
The class was superb!!! Great job and I appreciate the time taken to craft one like this to make the closing process clear.
Anonymous
(Chief Financial Officer)
The course, although basic in nature, would be a great tool in explaining the closing process to non-financial executives
Anonymous
(Program Management)
This is a great course for those new to accounting concepts, or for those who have forgotten what they learned in college.
Anonymous
(Director of Cloud Solutions)
The course was very detail oriented and had a straight forward layout. I would recommend this class the all accountants.
Robert Werner
(VP of Finance, Corporate Controller at Proteus Digital Health, Inc)
This lesson is a good basic reminder of accounting principles for staff level accounts and even up to manager.
Anonymous
(-)
Slightly more complex material that other intro course. Most software does this for user, but good to know.
Halina Kovel
(Sr Revenue Accountant at Yelp)
good brief overview that refreshed my understanding of the close process and retained Earnings statement
Lilian Dendrinos
(consultant at DLC Group)
The course is very basic but for the intended audience, the class is well organized and presented.
Anonymous
()
This was a great review of the closing process. His examples were very easy to follow along with.
Mondania Drummond
(Director of Accounting at Ruth's Hospitality Group Inc.,)
Too simple. I learned this as a sophomore in college - not necessary once you are a CPA.
Kevin Murray
(Manager of Finance at NYSTRS)
A course on the basics of closing the financial statements at the end of a period.
Anonymous
(Controller)
Decent overview of the closing process - would recommend as an introduction course.
Anonymous
(CPA, CFE, CGMA)
I like the concise illustration with easy-to-understand journal entries examples.
Anonymous
(None)
Nice little course that provided a concise clear overview of the close process.
Anonymous
(Tax Staff)
good overview of the last stage of the accounting cycle, the closing process.
Anonymous
(Consultant)
Great recap of the close process. Perfect to give anyone a quick refresh.
Anonymous
(Accountant)
This could be an outdated course but it's still good to learn the basics.
Anonymous
(Accounting Manager)
Great course! Nice layout if the closing process with all it’s steps.
Anonymous
(Accounting Manager)
Very Good and Informative Refresher for Accounting Professionals.
Anonymous
(Associate Director)
This course provided a good overview of the closing process.
Sharon King
(Contractor at Self employed)
This was a great refresher course on the closing process.
Anonymous
(None)
Great course to review the basics of the closing cycle.
Anonymous
(Bookkeeper)
great refresher course or introductory course!
Matt Osmundsen
(Director of Financial Planning at Baldwin Technology Company, Inc.)
Great course! Very informative and helpful.
Anonymous
(None)
Very well presented and explained.
Anonymous
(Not Provided)
nice overview, good instructor!
Anonymous
(Consulting Staff)
Very effective teaching lesson.
Anonymous
(Budget & Accounting Manager)
overview of adjusting entries
Steven Moore
(Certified Management Accountant; CMA at ArdentAccounting)
Very nice review. Thanks!
Anonymous
(Fiscal Officer)
knowledgeable course
Anonymous
()
straight forward
Charles Elwis
(None at none)
Good review
Patrenia McAbee
(Owner at McAbee Consulting)
Good
Jacob Petersen
(Staff Accountant at UnityPoint Health)
na
Anonymous
(Controller for Americas BU)
ok
Prerequisites
Course Complexity: Foundational
No Advanced Preparation or Prerequisites are needed for this course. However, it is recommended to take the other courses in the series prior to completing this one.
Education Provider Information
Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .