You've done a lot of things during the accounting period, whether that period accounting period, whether that period was a month or a year. Now it's time to wrap up all of that information, to give it a definite end point. To finalize this period, there are many steps you have to take and a lot of adjustments you have to make. When that's all done, you'll have some revealing reports to read and a fresh, clean slate for starting the next accounting period.