How to close a month?

It's typical that in the accounting programs, in some point you can close a month, a quarter, or a year. It usually let you put all the entries accumulated in a specific account, getting information about how was going the month and then it's creating entries for opening the new month.

I guess that, because we are using ES, the ideal way to proceed is creating a new stream for each month. This way when we want to close a month we could get everything we need and even remove the older streams to save space.

Any ideas?

And more importantly, how could close a month? Any idea about the procedure?