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What is Monthly close?

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تم إضافة السؤال من قبل TAHIR KHALIL CFO FINANCE MANAGER ADVERTISING CONTRACTING REAL ESTATE PRODUCTION TELECOM , FINANCIAL & OPERATIONS MANAGER , Brand Options Advertising LLC / Prodaction creative Advertising LLC
تاريخ النشر: 2014/03/13
Mohammad Shamsuzzaman Shamo
من قبل Mohammad Shamsuzzaman Shamo , Senior Manager , BRAC

Monthly close is related to prepare monthly Accounts Report . So need to close all ledger monthly and also need to make all necessary adjustment monthly. 

Bobby Chaugule
من قبل Bobby Chaugule , Finance Lead , Horizontal Integration Middle East FZE LLC

Monthly closing account includes Bank Reconsilation and all other ledger, record all Payable and Receivable transaction, all Accrued transaction or any adjustment entries as per your business requirement. Based on all the transaction can make profitability statement on monthly basis. it's help to know where company stand in financial strenght. 

SREEDEVI SUNILKUMAR
من قبل SREEDEVI SUNILKUMAR , Business finance officer , Emirates Airline

n accounting the monthly close is the processing of transactions, journal entries and financial statements at the end of each month. Under the accrual method of accounting, it is imperative that the financial statements reflect only the transactions and journal entries having relevance to the current month's revenues and expenses, and end-of-the-month assets and liabilities. Expressed another way, the monthly close must achieve a proper cutoff of each month's financial activities.

مستخدم محذوف‎
من قبل مستخدم محذوف‎

In accounting the monthly close is the processing of transactions, journal entries and financial statements at the end of each month

Lesley Anne Tampoc
من قبل Lesley Anne Tampoc , Teaching and Learning Assistant , Brighton College Al Ain

CONSOLIDATION OF ALL THE INCOMING AND OUTGOING TRANSACTIONS,EXPENSES AND INCOME FOR SPECIFIC MONTHS. ACCOUNTS USUALLY DO THIS TO DETERMINE THE EXPENSES FOR THE PREVIOUS MONTHS AND TO PROJECT THE EXPENSES THE FOLLOWING MONTHS. 

Ali Hammad Naeem
من قبل Ali Hammad Naeem , Chief Executive Officer , Concern Worldwide Media Clicks (Pvt.) Limited Chattha Group of Travels

Closure of all entries/transactions pertaining to specific month.

Duly recording of the entries in software and books

Reconcile Bank statement with the software/books ledger of bank(s)

Reconcile Cash in Hand with software/books ledger of Cash

Bilal Ahmad
من قبل Bilal Ahmad , Accountant , Captain PQ Chemical Industries Pvt Ltd

It meens to finalize the a;; accounts on monthly basis. For this porpes make the necessary  adjustment entries on monthly basis. Reconcile the all accounts ( Bank Statements and Cash ledgers also) Take Stock updation by phisicaly checking and up date stock reports.

JAHIR HUSSAIN
من قبل JAHIR HUSSAIN , HR Welfare officer , Iss world of service

Every organization objective is to know the financial health

so for that purpose they have to prepare the acquirate financial statement for each and every month

 

Yusuf Dalal
من قبل Yusuf Dalal , General Accountant. , Gmamco Contracting LLC

Monthly Close means all the Sales/Purchase/Expenses/Provision/ stock valuation/ Bank reconciliation  for a particular month is recorded in the books of accounts so as to prepare the financial statement of the company for that particular month.

 

 

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