{"id":909,"date":"2025-01-13T15:32:42","date_gmt":"2025-01-13T15:32:42","guid":{"rendered":"https:\/\/fenixhorizonte.pt\/?p=909"},"modified":"2025-01-13T15:32:43","modified_gmt":"2025-01-13T15:32:43","slug":"the-process-of-closing-accounts","status":"publish","type":"post","link":"https:\/\/fenixhorizonte.pt\/en\/the-process-of-closing-accounts\/","title":{"rendered":"The process of closing accounts"},"content":{"rendered":"<p>The process of closing accounts takes place at the end of a fiscal period (usually annually) to close out financial operations and prepare the company's financial statements. This process is fundamental to ensuring legal compliance, financial transparency and informed decision-making.<\/p>\n\n\n\n<p><strong>In a nutshell, it consists of:<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Review and reconciliation:<\/strong>\n<ul class=\"wp-block-list\">\n<li>Ensure that all transactions for the period have been recorded correctly<\/li>\n\n\n\n<li>Reconciling bank accounts, debtors, creditors and other inventories with the accounting records<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Accounting adjustments:<\/strong>\n<ul class=\"wp-block-list\">\n<li>Recognise expenses and income not yet recorded (e.g. accruals and deferrals)<\/li>\n\n\n\n<li>Carry out depreciation, analyse impairments and other necessary adjustments<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Clearance of results:<\/strong>\n<ul class=\"wp-block-list\">\n<li>Calculate the profit or loss for the year, transferring income and expenses to the profit and loss account<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Closing accounts:<\/strong>\n<ul class=\"wp-block-list\">\n<li>Close the temporary accounts (income, expenses) and prepare the final balance sheet, including the profit and loss account and the balance sheet<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Preparation of financial statements:<\/strong>\n<ul class=\"wp-block-list\">\n<li>Prepare the main reports: Balance Sheet, Profit and Loss Account, Cash Flows and other Reports , in accordance with applicable legislation.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Compliance with tax and legal obligations:<\/strong>\n<ul class=\"wp-block-list\">\n<li>Calculating and declaring taxes due<\/li>\n\n\n\n<li>Submit mandatory reports to the competent authorities<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n\n<p>This process requires care to avoid mistakes and ensure that the company's financial situation is accurately represented. For this reason, it is often carried out by accountants or financial specialists. At F\u00e9nix Horizonte we can help you every step of the way, always guaranteeing maximum rigour and compliance with deadlines.<\/p>","protected":false},"excerpt":{"rendered":"<p>The process of closing accounts takes place at the end of a fiscal period (usually annually) to close out financial operations and prepare the company's financial statements. This process is fundamental to ensuring legal compliance, financial transparency and informed decision-making. In a nutshell, it consists of: This process requires care to avoid errors [...]<\/p>","protected":false},"author":2,"featured_media":910,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-909","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sem-categoria"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>F\u00e9nix Horizonte - O processo de fecho de contas<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fenixhorizonte.pt\/en\/the-process-of-closing-accounts\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"F\u00e9nix Horizonte - O processo de fecho de contas\" \/>\n<meta property=\"og:description\" content=\"O processo de fecho de contas realiza-se no final de um per\u00edodo fiscal (geralmente anual) para encerrar as opera\u00e7\u00f5es financeiras e preparar as demonstra\u00e7\u00f5es financeiras da empresa. Este processo \u00e9 fundamental para garantir a conformidade legal, a transpar\u00eancia financeira e a tomada de decis\u00f5es informadas. Resumidamente, consiste em: Este processo exige cuidado para evitar erros [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fenixhorizonte.pt\/en\/the-process-of-closing-accounts\/\" \/>\n<meta property=\"og:site_name\" content=\"F\u00e9nix Horizonte\" \/>\n<meta property=\"article:published_time\" content=\"2025-01-13T15:32:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-01-13T15:32:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/fenixhorizonte.pt\/wp-content\/uploads\/2025\/01\/hour-glass.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"700\" \/>\n\t<meta property=\"og:image:height\" content=\"466\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"filipe.meneses\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"filipe.meneses\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/fenixhorizonte.pt\/o-processo-de-fecho-de-contas\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/fenixhorizonte.pt\/o-processo-de-fecho-de-contas\/\"},\"author\":{\"name\":\"filipe.meneses\",\"@id\":\"https:\/\/fenixhorizonte.pt\/#\/schema\/person\/ee58dd82e90ed761595c93e46224bd32\"},\"headline\":\"O processo de fecho de contas\",\"datePublished\":\"2025-01-13T15:32:42+00:00\",\"dateModified\":\"2025-01-13T15:32:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/fenixhorizonte.pt\/o-processo-de-fecho-de-contas\/\"},\"wordCount\":266,\"publisher\":{\"@id\":\"https:\/\/fenixhorizonte.pt\/#organization\"},\"image\":{\"@id\":\"https:\/\/fenixhorizonte.pt\/o-processo-de-fecho-de-contas\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/fenixhorizonte.pt\/wp-content\/uploads\/2025\/01\/hour-glass.jpg\",\"articleSection\":[\"Sem categoria\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fenixhorizonte.pt\/o-processo-de-fecho-de-contas\/\",\"url\":\"https:\/\/fenixhorizonte.pt\/o-processo-de-fecho-de-contas\/\",\"name\":\"F\u00e9nix Horizonte - 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