PHOTO CREDITS TO THE RIGHTFUL OWNER. Last Installment of Accounting Series (On-going) Closing entries is the last transaction in the accounting cycle. It is the process of transferring the temporary to permanent. It is important to close the book in order to start another transaction of the book. Just like in accounting, Trisha Panerio will reset the temporary people into strangers. With that, she'll be closing her unfinished business to be able to begin a fresh and new start again.