Month-end

Do these in the first days of the new month, then close the old one. Once it's closed, your reported figures stay put.

1. 1

   1. Reconcile the bank

   For each bank account, import the month's statement and reconcile it in Finance → Banking - recording bank charges and interest as you go. Count petty cash.

   

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2. 2

   2. Catch up on documents

   Post the month's sales invoices and bills. Check Procurement → Reports → Received, not invoiced: anything delivered but not yet billed is a cost of this month - post an Accrual journal for it (it reverses itself next month).

   Pay approved expense claims, and chase advances whose retirements are overdue.

3. 3

   3. Let the schedules run

   Prepayment and deferred income releases post by themselves. Recurring journals - rent, depreciation - too. Check Finance → Journals for drafts left waiting.

4. 4

   4. Check the books agree

   Run the Trial balance for the month and check Subledgers says All agree. Look at Budget vs actual for anything unexpected.

   

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5. 5

   5. Tax

   The month's VAT return and WHT schedules are due by the 21st. File them, pay them, and record both in Finance → Tax returns.

6. 6

   6. Close the month

   In Finance → Periods, Close the month. Then produce the month's Financial statements - for NGOs, activities by fund and each grant's budget for the donors.

   

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