What Are the Steps in a Standard Monthly Accounting Closing Cycle?

The accounting process can differ slightly from one business to another based on variances in the chart of accounts, revenue and expense recognition, and cost center breakdown.
Despite these differences, the overall monthly closing process is the same.
Following the same standard procedures to close the books each month will help ensure consistent and accurate reporting.
Establish a Closing Date Establish a closing date by which all expenses and revenue must be posted.
Communicate the closing date to everyone who has access to modify the ledger.
Close the books for the month as of the date communicated, prohibiting any further changes to the ledger for the period.
Trial Balance Report Start the closing cycle with a trial balance report.
Review the balances to identify any anomalies from what is expected.
Review the transaction details for any accounts you are uncertain of and note any adjustments that need to be made.
Adjusting Entries Create the adjusting entries to recognize prepaid expenses, accrue outstanding invoices, relieve accruals that have been paid, and recognize depreciation and other amortizations.
Post adjusting entries to correct the current balance of any ledger account that reflects expense postings in error.
Adjusted Trial Balance Generate an adjusted trial balance report to review the final balances in the ledger.
Verify that the trial balance matches on the debit and credit side.
Verify that the balances are accurate, checking the account activity if needed.
Trial balances will vary from the initial report due to the adjusting entries.
This helps you identify any entries that posted incorrectly.
Reporting Create reporting to show the final expense activity for the period and year-to-date.
Include documentation of the balance sheet, income statement and depreciation schedules.
Save copies of all of the journal entries posted along with the documentation supporting their necessity for audit purposes.

1.print the recent trial balance2.
adjust your enteries.
(post your cost, wip, provisions, sales, purchases, payables, accruals, prepaids, reconciliations ...etc).3.print your Trial Balance.4.
present yuor report (better you make a file)