End of Month procedures

There are several activities that should be completed on a monthly basis. They give the opportunity to check that your financial system is in balance, and if not, to correct it. Once you are satisfied that all transactions are complete, you can close off the month to prevent further data entry in periods where all statements, invoices have been printed.

These activities include:

• Client End of Month Procedures
• Supplier / Stock End of Month Procedures
• EOM Reports
• Bank Reconciliation Check (if applicable)
• Reversing incentive discounts (if applicable).