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> Month end accounts steps
Month end accounts steps
1. Preliminary Steps
Review the month’s transactions and ensure all entries are recorded.
Verify that all bank and cash accounts have been reconciled.
Ensure all invoices and receipts have been received and entered.
2. Account Reconciliation
Reconcile all balance sheet accounts (e.g., accounts receivable, accounts payable).
Confirm the accuracy of inventory counts and adjustments.
Review fixed asset schedules for any additions or disposals.
3. Journal Entries
Post necessary adjusting journal entries (e.g., accruals, prepayments).
Review and approve all journal entries for accuracy and completeness.
4. Financial Statement Preparation
Prepare the income statement and balance sheet.
Generate cash flow statements and other relevant reports.
Review financial statements for discrepancies or unusual variances.
5. Review and Approval
Conduct a review with management or relevant stakeholders.
Obtain necessary approvals for financial statements and reports.
6. Reporting
Distribute financial reports to stakeholders (e.g., management, board of directors).
Prepare any regulatory reports or filings required for the period.
7. Documentation
Ensure all supporting documentation is filed and organized for audits.
Maintain a record of all month-end processes and adjustments made.
8. Planning for Next Month
Schedule a kickoff meeting for the next month’s accounting process.
Identify any issues encountered during the month-end close to address in future periods.
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