closing entry meaning

[Business]
noun [C]

(Accounting )

a final amount that is written in an account at the end of an accounting period, before moving the balance to the account for the next period

Examples

More: Next

briefly, closing entries transfer the revenue, expense, and owner withdrawal balances from their respective accounts to the capital account
The other half of the entry, Closed Entry, finished third.
`Close entry point'plan fails to take off, NEW STRAITS TIMES-
Users can view transactions in general ledger format and perform closing entries if necessary.
He also closed entry into Israel for all Palestinians through the seven days of Passover.