How Do I Close Off Nominal Accounts in Accounting?

Answer Closing Revenues and ExpensesClose all revenue and expense accounts to income summary. Income summary is an account that only exists during the closing process. The revenue accounts should have a c... Read More »

Top Q&A For: How Do I Close Off Nominal Accounts in Accounting

How Can I Close My 401(k) or IRA Accounts?

Both a 401k and an Individual Retirement Savings Account (IRA) are supplemental savings accounts designed to provide more income during retirement years. Though the threshold age set by the Interna... Read More »

How do i close bank accounts?

The ProcessVerify that all checks have cleared your bank account. Contact the bank and provide the customer service representative, bank manager or teller with the check numbers, and that person ca... Read More »

How to Close Old Email Accounts?

You may have decided that you no longer want to have email accounts spread over different websites or companies. Your Internet Service Provider may be providing email accounts for you, or you may h... Read More »

How to Close Old Credit Card Accounts?

Credit cards can be extremely useful when used by a financially savvy person. However, these cards can easily spiral out of control and lead people into thousands of dollars of debt. Closing old cr... Read More »