™ can help. We are expert bookkeepers that can help your small business with its bookkeeping needs. Here’s a short explanation of what Nominal Account means. If we can be of more help explaining what Nominal Account is or if we can help you with any of your small business bookkeeping needs, give us a call at 888-552-6657(888-55Books)™ provides a way for small businesses to have outsourced bookkeeping at a significant savings. We provide our clients with pre-printed envelopes. You stuff the envelopes and our expert team does the rest with detailed reports and timely compliance support. Not to mention, you now have a team of experts at your disposal should you have questions or last-minute needs. Let’s start with answering what Nominal Account means:

Nominal Accounts are any income-statement-related account (revenues, cost, expenses, gains, and losses.)

These accounts are used to track the economic activity of the business during an accounting period. Amounts in these accounts are transferred to equity accounts at the end of each period, so the account values are reset to zero.

This process is known as closing.

Need more information or help? Don’t hesitate to give us a call right now at 888-55Books.

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