Get Month End Closing And Reconciliation Template This ... - Vision33

This guide provides a detailed overview of how to fill out the Month End Closing And Reconciliation Template, designed by Vision33. By following these step-by-step instructions, users can ensure accurate and efficient month-end closing processes.

Follow the steps to effectively complete the closing and reconciliation template.

1. Click ‘Get Form’ button to obtain the form and open it in your preferred editor.
2. Begin with the 'Key General Ledger Account Reconciling Reports' section. This will involve reconciling accounts receivable and accounts payable. Ensure you have the necessary reports: AR Aging and AP Aging, which are critical for verification.
3. For accounts receivable reconciliation, run the AR Aging report as of the last day of the month. Verify that this balances with the Month End Balance Sheet AR general ledger account balance.
4. Next, move on to accounts payable. Run the AP Aging report and ensure it balances with the real-time AP general ledger account. Pay close attention to any filters if multiple AP GL accounts are being used.
5. Proceed to the inventory reconciliation. Run the Inventory Audit report with specified settings to confirm the inventory value reconciles with the general ledger account balance.
6. Check other recommended general ledger account balance reports such as ‘Goods Receipts PO’ and down payments, ensuring these also reconcile with their respective general ledger balance.
7. Review optional monthly transaction detail reports to gain insights into sales tax, check register, sales analysis, and purchase analysis for thoroughness in your closing process.
8. Once all entries are verified, enter and post any required month-end journal entries to finalize the account balances.
9. Run month-end financial statements and supporting sub-ledger detail reports, including the balance sheet and income statement.
10. Finally, set the period status to 'Locked' to prevent unauthorized postings, ensuring data integrity in financial reporting.
11. After completing all steps, save any changes and consider downloading or printing the finalized template for record-keeping.

Complete your month-end documentation online with our comprehensive guides.