Close accounts receivable:
You will need to make a credit to the A/R account and a debit to the sales account. If sales tax is being paid on a cash basis, then part of the debit could be done to sales tax payable. The amount of the credit is the amount of accounts receivable. The debits must total up to the accounts receivable amount. The debit to the sales accounts can be broken down to multiple sales accounts or a single sale account.
Close accounts payable:
You will need to debit the accounts payable account and credit cost of goods sold or expenses. The credit to the cost of goods sold accounts can be broken down to multiple cost of goods sold or expense accounts or a single cost of goods sold account. As an example, for a telephone bill you would debit a/p and credit telephone expense. The total of the credits must equal the balance in accounts payable.
Close client deposits:
You will need to debit the client deposit account and credit a sales account by the amount in the client deposit account.
Close vendor deposits:
You will need to credit vendor deposit account and debit one or more cost of goods sold accounts by the amount in the vendor deposit account.
Close Work in Process (WIP) (Pro users only):
You will need to credit the WIP account and debit cost of goods sold accounts by the amount in the WIP account. You can debit multiple cost of goods sold accounts if desired.