{"id":25544393,"date":"2023-02-10T02:37:54","date_gmt":"2023-02-10T01:37:54","guid":{"rendered":"https:\/\/kn.wmhosts.com\/?p=25544393"},"modified":"2024-04-04T04:40:24","modified_gmt":"2024-04-04T02:40:24","slug":"best-practices-for-monthly-accounting-close","status":"publish","type":"post","link":"https:\/\/kn.wmhosts.com\/?p=25544393","title":{"rendered":"Best Practices for Monthly Accounting Close"},"content":{"rendered":"\n

What should your accounting close process look like on a monthly basis?<\/p>\n\n\n\n

This was one of the topics I recently wrote about within the CFO Connect community as part of the First 100 Days as a CFO\/Finance Lead. I give you a little preview into one of the topics below \ud83d\udc47 , if you would like the full publication, please reach out!<\/p>\n\n\n\n

I\u2019ll cover the quarterly close process separately, as this captured more of a hard close around accruals, amortizations, etc..<\/p>\n\n\n\n

    \n
  1. Bank reconciliations<\/strong> – Perform bank reconciliations to ensure all cash inflows and outflows are captured in the ledger appropriately.<\/li>\n\n\n\n
  2. Customer accounts<\/strong> – Ensure all invoices generated are recorded in revenues & customer payments are captured in receivables, and book VAT collected accordingly. BONUS: Track revenue earned but not yet invoiced, as well as deferred revenue.<\/li>\n\n\n\n
  3. Vendor accounts – <\/strong>Ensure all invoices received are recorded in expense, vendor payments are captured in payables and book VAT paid accordingly. BONUS: Track goods\/services received but not yet invoiced, and prepaid expenses.<\/li>\n\n\n\n
  4. VAT reconciliation<\/strong> – Based on above, reconcile VAT receivable\/payable accounts to monthly VAT returns. Ensure payments received from\/made to tax authorities are recorded appropriately & reconciled to underlying returns.<\/li>\n<\/ol>\n\n\n\n

    Is there anything else you would add to the list \u2753<\/p>\n","protected":false},"excerpt":{"rendered":"

    What should your accounting close process look like on a monthly basis? This was one of the topics I recently wrote about within the CFO Connect community as part of the First 100 Days as a CFO\/Finance Lead. I give you a little preview into one of the topics below \ud83d\udc47 , if you would […]<\/p>\n","protected":false},"author":2,"featured_media":25544423,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[14],"tags":[],"dipi_cpt_category":[],"class_list":["post-25544393","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-optimize-accounting"],"yoast_head":"\nBest Practices for Monthly Accounting Close - Katrina Nacci, CPA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/kn.wmhosts.com\/?p=25544393\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Best Practices for Monthly Accounting Close - Katrina Nacci, CPA\" \/>\n<meta property=\"og:description\" content=\"What should your accounting close process look like on a monthly basis? 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