🧭 Month-end close
A monthly checklist to close the books: reconcile the bank, review receivables and payables, check expenses and budgets, run Profit & Loss and build the GST pack for your CA.
Why and when you use it
Closing every month keeps errors small and gives the owner a true picture of profit while there is still time to act. This routine follows the same screens in the same order every month, ending with reports the owner can read and files the CA can use. The accountant runs it in the first week of the next month.
Before you start
- Daily cash close done for every day of the month
- All invoices, bills, payments and expenses for the month entered
- The month's bank statement file
Step by step
- 1. Bank reconciliationIn Bank Reconciliation, import the statement, press Auto-match, match the rest and press Complete reconciliation for each account.
- 2. Receivables ageingIn Receivables press Recalculate, then review old dues. Generate Statement for customers with long-pending bills.
- 3. Payables ageingIn Accounts Payable, check what you owe suppliers and what falls due next month.
- 4. ExpensesIn Expenses, check every bill is entered and categories are right. Run Expense Summary in Reports.
- 5. Foreign currency (if used)In Currencies & Forex, run Month-end revaluation.
- 6. Budgets vs actualIn Budgets, open Budget vs Actual for the month and note lines that are over.
- 7. Profit & LossIn Reports, choose Profit & Loss for the month and press Run Report, then Export PDF.
- 8. GST packIn GST Reports, Generate Report for the month and press Build GST pack. Send it with the P&L to your CA.
Worked example
Sharma Traders closes October 2026 on 3 to 6 Nov 2026: sales ₹38,40,000, purchases ₹18,60,000, expenses ₹2,96,000.
- Bank Reconciliation: October completed; ₹1,416 bank charges added by rule.
- Receivables: ₹8,74,000 outstanding; 6 customers over 60 days get statements.
- Accounts Payable: ₹4,20,000 due to Hindustan Foods Pvt Ltd by 20 Nov.
- Budgets: fuel ₹62,000 vs budget ₹50,000.
- Profit & Loss run and exported as PDF.
- GST Reports: Build GST pack sent to the CA with the P&L.
Result: The owner reads October's profit on 6 Nov, knows fuel is over budget, and the CA has everything for October's returns.
💡 Tips
- Fix the date for your close, for example the 6th of each month.
- Do not change documents of a closed month without telling your CA.
- Keep the P&L PDF and GST pack in one folder per month.
⚠️ Common mistakes
- Running P&L before bank reconciliation. Missing bank charges or receipts make profit wrong.
- Skipping Recalculate in Receivables after back-dated entries.
🎬 Video walkthrough (script — recording coming soon)
- Scene 1: Bank Reconciliation complete.
- Scene 2: Receivables Recalculate and statements.
- Scene 3: Accounts Payable dues.
- Scene 4: Budget vs Actual.
- Scene 5: Profit & Loss Run Report and Export PDF.
- Scene 6: Build GST pack and send to the CA.