Month-end close
Open in the demoA checklist that takes each month from open to locked. Most steps check themselves.
Find it under Accounting Month-end close. This page is in beta.
The checklist
Choose the month. Entirova ticks each step automatically when it is done, except the ones marked manual, which you tick yourself after reviewing.
| # | Step | Checked |
|---|---|---|
| 1 | Reconcile every bank account | Automatic |
| 2 | Approve all supplier bills dated in the month | Automatic |
| 3 | Approve expense claims for the month | Automatic |
| 4 | Run and pay payroll for the month | Automatic |
| 5 | Post depreciation | Automatic, with a button to post it |
| 6 | Review receivables aging | Manual |
| 7 | Review VAT for the month | Manual |
| 8 | Review the P&L and balance sheet | Manual |
| 9 | Lock the period | Automatic, with a button to lock |
Depreciation is worked out asset by asset from the fixed asset register and posted as one journal. A company with no assets in the register is depreciated straight line over 60 months (cost ÷ 60 each month).
Locking the books
Locking stops anyone posting anything dated on or before the lock date, so reported figures can't change behind you. You'll find it at the end of the checklist, or under Tax VAT & tax Period locking. You need an Owner, Admin or Manager.
- The lock date can't be after today, or earlier than the current lock date.
- Before locking, Entirova warns you about unreconciled bank lines, unfiled VAT, draft bills, open claims and unposted pay runs in the period.
Unlocking
Select Request unlock and give a reason of at least five characters. By default an Owner or Admin other than you must approve it. Every lock and unlock is kept in the audit trail.