Month-end close is performed to finalize a snap shot of transactual activity for a period. Most processes run at month end are also run on a daily and/or weekly basis. For month-end, these processes are performed for the last time for a particular month to ensure that all transactions are posted and reflected on reports. The month is officially closed when all of the month end processes are complete (including posting.)

  • Reconcile accounting system modules and subsidiary ledgers

  • Record monthly journal entries.

  • Reconcile balance sheet accounts.

  • Review revenue and expense accounts.

  • Prepare financial statements.

  • Management review.

  • Close accounting systems for the month

  • Pay Sales/Use Tax

  • Run Profit and Loss Balance Report and other reports.

  • General Ledger Maintenance.

  • Pay sales/use tax 

Record revenues and expenditures in the correct fiscal year is critical to the accuracy of fiscal year end reports and financial statements. However, accurate reports and statements must be balanced with the necessity to close the fiscal year and open the new fiscal year as quickly as possible.

  • Verify vendor and lender files.

  • Reconcile the books.

  • Asset review.

  • Ask My Accountant review.

  • AR and AP Clean-up.

  • Create and mail 1099's.

  • Review with CPA before year-end.

  • Assist with insurance audits

  • Work with accountant to ensure proper tax filings

  • Help annual budget set-up for upcoming year

  • File annual report.

 

 

 

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