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German to English translations [PRO] Bus/Financial - Accounting
German term or phrase:Hardclose
I don' t need a translation of this, obviously, but I was wondering if anyone with accounting experience has ever come across this term. The context is as follows:
Management letter aufgrund der bei der Firma XX durchgeführten Prüfung des Hardclose.
Explanation: A hard close is performed each time a detailed cut-off is performed and financial reports are produced. This would include analysis of accounts receivable, inventory, payables, revenue and expenses. The hard close also involves the formal process of making necessary accruals and adjustments, closing the books, combining and consolidating entries required for reporting purposes. In addition to the end of year financial statements, many organisations perform a hard close at other times during the year for both internal and external reporting. A hard close is distinguished from a soft close where the books are closed with just enough precision to satisfy internal management reporting requirements
Maya Jurt Switzerland Local time: 04:31 Native speaker of: German, French PRO pts in category: 6