Month-end closing is a process of closing books of accounts every month. It involves reviewing, recording, and reconciling accounting data at the end of every month. Month-end closing may help an organization keep well-updated and error-free accounting records; it ensures that all the monetary transactions of the month are accounted for appropriately.
Month-end closing brings regularity to accounting records; it reduces the chances of severe mistakes as accounting records are reconciled every month, so errors can be traced before they grow bigger. Also, updated financials after every month make them more useful for management and outside stakeholders, who can use them for more effective decision-making. It also helps in preventing future accounting mistakes.
Month-end closing of books of accounts requires a series of steps to be followed. Following are some of the essential steps/checkpoints to keep in mind while closing books at month end to ensure accurate and consistent results:
Proper recording of the cash inflows and outflows.
- Review petty cash balances.
- Reconcile all accounts. e.g., a Bank reconciliation statement may help reconcile Cash & equivalent accounts.
- Updating Accounts payables and Accounts receivable balances.
- Reconcile Inventory and Fixed assets accounts.
- Review financial statements, e.g., Balance sheets, Income statements, etc.
A well-proven and well-established system should be followed to ensure the accurate closing of books of accounts after every month.
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