There are two types of assets: current and fixed. Current assets include cash or other holdings that can quickly be converted to cash within a year. From this starting point, we can add or subtract the operating activities reported on the income statement. This includes all revenues and expenses that the company incurred during the year. Close the books with less runaround. Share this sheet with your accounting team to easily manage your financial month end process and keep everyone on schedule. Use the sheet for monthly, quarterly, and annual tasks. We provide free accounting calendar templates for your business. You can find financial accounting calendars for all major month end closing format like 4-4-5, 4-5-4 and 5-4-4 weeks. It is imperative to have a closing checklist to have a fast close. This monthly checklist needs to be written down and changes need to be made to it over time.