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24.4Month-end checklist

Chapter 24 · Glossary and quick reference·1 min read

  1. Categorise every bank line in Pending review; match payments and transfers.
  2. Reconcile each bank and card account to its statement and finalise.
  3. Open any bills still in draft; publish expenses; deliver invoices that should be dated in the month.
  4. Chase overdue receivables (Receivable Aging Summary; Follow up).
  5. Post depreciation (Run depreciation) and any accruals or adjustments as journals.
  6. Publish stock adjustments from the count; review Inventory Valuation.
  7. Confirm and pay the month's pay statements.
  8. Review the Profit & Loss (compare to previous period), Balance Sheet and Cash Flow; check the Sales Tax Liability Summary.
  9. Close the period at Settings → Accounting → Accountant → Close a period.
9.7Accountant settings, period locking and year-end closeSettings → Accounting → Accountant holds the bookkeeping rules: Accounting basis — Accrual (revenue and expenses recognised when invoiced or billed) or Cash…Accounting10.10Inventory reportsReports in the rail opens Inventory valuation, Stock summary (with Reserved — held by confirmed sales orders, section 5.6 — and Available), Inventory item…Inventory19.5Receivables, payables, sales and purchasesCustomer / Vendor Balance Summary — what each customer owes you, and what you owe each vendor. Customer / Vendor Transactions — every invoice, payment and…Reports24.3Where things post — one-page summaryYou do this… …and the ledger gets Deliver an invoice Dr A/R · Cr Income · Cr Tax Payable (· Dr COGS · Cr Inventory for stocked items) Receive a payment Dr…Glossary and quick reference