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Idea from Dawn Killough

Title

What is Accounting Month End Close and Why You Need to Do It

Summary

What is month end close? - A process for ensuring your accounting has been entered correctly and to review transactions in preparation for producing financial statements. What reports are generated at month end? - Accounts payable aging, accounts receivable aging, trial balance, balance sheet, profit and loss (describe each one and their purpose). Why you need to do it? - Tie out books to make sure there are no mistakes, regular review of budget, produce financial statements.

Author

Dawn Killough

Keywords

  • month end close
  • accounting
  • financial statements