Monthend Accounting Procedures: Detailed step by step guide - Softcover

Inhaltsangabe

End-of-the-month accounting procedures, typically called month end close, are the tasks required to ensure that all of a small business’ financial records are balanced before the start of a new month. In most environments, a bookkeeper or accountant typically carries out these duties. Although end-of-the-month accounting procedures can be performed manually, computer software is commonly used to ensure accuracy and allow for ease of reporting. There are three key procedures that ought to be performed to successfully manage the end-of-the-month accounting process. These are:Corrections & Adjustments, Reconciliations and Reporting. The accounting process can differ slightly from one business to another based on variances in the chart of accounts, revenue and expense recognition, and cost centre breakdown. Despite these differences, the overall monthly closing process is the same. Following the same standard procedures to close the books each month will help ensure consistent and accurate reporting. This handbook uses illustrative examples from Sage 50 Accounts software).

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