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Make year-end accrual adjustments and corrections

If your business accrues payroll and liabilities, or prepays any expenses (such as insurance, subscriptions, and so on) and then carries the prepayment as an asset, you may need to make journal entries to ensure that these accruals and prepayments are handled at year-end.

Please consult your accountant to determine whether these types of entries apply to your business and for assistance with clearing your prepaid and accrued expenses.

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