Consolidation and Close
Consolidation and close is the process of collecting and combining data from different activities, departments, or business activities so that they may appear in financial statements like the income statement, balance sheet & cash flow statement. Consolidation and close takes place at the end of an accounting period: the end of the month, end of the quarter, end of the year (either calendar or fiscal year).
Closing is when finance shuts the books for the month. It acts as an internal audit and requires that finance record all transactions, reconcile balance sheet accounts, review incomes and expenses, prepare financial statements and management reports and update all necessary materials.