Month End Close

What You Need to Know

To Develop a Procedure and Checklist?

For Your Small Business

What is a month end close? A high level overview of the 4 basic steps include entering all deposits and checks, reconciling financial balances, printing and saving reports and finally moving from the current month to the new accounting period.

Small Businesses walk thru these steps each month end to make sure financial reports are accurate. The result of completing each month in a timely manner is so that the owners can determine profitability each month during the year. The bank reconciliation which is included as a part of the month end close steps confirms all transactions for the monthly period were recorded and is a critical part of the process.

Month End Tips and tricks

Top 5 general ledger accounts to review monthly

• Cash
• Accounts Receivable
• Inventory
• Accounts Payable
• Gross Wages

If you are a larger company there may be additional accounts that need to be reviewed for accuracy each month such as fixed assets, prepaid expenses, loan accounts and tax liabilities. If you are distribution or manufacturing company it may include WIP, Finished goods and cost of goods sold. For a month end close checklist follow the links below to request a checklist in excel for your small business.

Request – Small Business Accounting Month-End Close Checklist

• View Sage 50 Month-End Checklist – View Sage 50 System Requirements
• View QuickBooks Month-End Checklist – View QuickBooks System Requirements
• View Sage 100 Month-End Checklist

Small Business Accounting Quarter End Close Checklist

• Sage 50 Quarter End Checklist – View Sage 50 System Requirements
• QuickBooks Quarter End Checklist – View QuickBooks System Requirements
• Sage 100 Quarter End Checklist

Small Business Accounting Year End Close Checklist

• Sage 50 Year End Close Checklist – View Sage 50 System Requirements
• QuickBooks Year End Close Checklist – View QuickBooks System Requirements
• Sage 100 Year End Close Checklist

Give us a call 800-475-1047 for more information and support on Small Business Accounting Software visit Accounting Business Solutions by JCS and for services on Sage Software Timeslips visit www.timeslipssupport.com