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What is month-end closing?

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تم إضافة السؤال من قبل Abdullah Mahhaden, CFA, CPA , Assurance Manager , Grant Thornton
تاريخ النشر: 2013/06/15
مستخدم محذوف‎
من قبل مستخدم محذوف‎

Closing off of monthly ledger accounts.Gives a clear indication of where a company is financially.Income, expenditure , debts and exceptions and irregularities .Also gives company a chance to correct any incorrect financial transactions or postings, which have taken place.

An accounting procedure undertaken at the end of the month to close out the current posting period.
It is part of a company's closing operations.
Types of accounting procedures addressed in month-end closing can include depreciating fixed assets, reconciling inventory discrepancies, settling work in progress material, posting billing documents, and payroll.
See also day-end closing, year-end closing.

Faisal Ba-aqeel
من قبل Faisal Ba-aqeel , Procurement and Facility Manager - KSA , Delivery Hero

It is a financial procedure to close the related transactions of the current month (short term) can include most of financial operations and It is a part of controling the whole year calculation.
Regards,

مستخدم محذوف‎
من قبل مستخدم محذوف‎

Close all your financial transactions for the current carry forward the reamining through accruel payment

khaled Ibrahim Sayed Abd El Salam Ibrahim
من قبل khaled Ibrahim Sayed Abd El Salam Ibrahim , Chief Accountant , -ElMehy engineering company

To make all the accounting transaction in all modules ( AP / AR / BK / GL / INVENTORY ) and then posted To GL after that make the necessary adjustments to make sure that all accounts in P& L and BS is the same balances and coded according to internal Co.
procedures by the month end in order to make the financial statements for the Co.
by the end of each month, finally make all the transactions happened within the month to know the financial position for the company.

Sharmane Sovis
من قبل Sharmane Sovis , Structural Draughtsman/Rebar Detailer (Tekla Structures) , BL Harbert International

Records and accounts balancing for the previous month.
Carry forward the balance to the next month.

Muhammad Zia Ullah
من قبل Muhammad Zia Ullah , Account Officer , S.M Food Makers (pvt) ltd

This includes recording loan payments, reducing the value of business assets by their depreciation, writing off any bad debts and recording entries for prepaid expenses.
The month-end report is also used to review the past month's transactions and make sure everything has been properly recorded.
If your accounts do not balance, the month-end report is a time to correct any accounting errors.

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