What is primo and ultimo (opening and closing balances)?

In short

Primo and ultimo mean the start and the end of a period. The primo balance is an account's balance at the start of the financial year; ultimo is the balance at the end.

In practice

One year's ultimo figures become the next year's primo figures — for every balance sheet account. Profit-and-loss accounts are reset at year-end, so income and expenses start from zero.

Related terms

• Regnskabsår (financial year)
• Balance (balance sheet)
• Årsafslutning (year-end close)
• See every term in the dictionary

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