Clear the pre-close checklist
Everything that holds back the month's close is visible and cleared one by one.
Before you start
- All of the month's transactions are recorded.
- Access to close periods.
Steps
Step 1: Open Month End Close
In the sidebar, choose Accounting, then Month End Close. The Month-End Close page opens on the current month.
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The Month-End Close page with the period, status and open checks summary.
Step 2: Pick the period
Choose the Period year and Period month, then click Refresh checklist.
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The period year and month selects with the Refresh checklist button.
Step 3: Read the checklist
The Pre-close checklist lists Unreconciled bank lines, Unapproved sales invoices, Unapproved purchase bills, Inventory close preview, Monthly asset depreciation and Period status.
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The Pre-close checklist with its six checks and their status.
Step 4: Clear what needs attention
On a row that Needs attention, click View report to see its documents. Reconcile the bank in Cash & Bank, and approve the invoices or bills still in draft or pending approval.
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A checklist row that needs attention with the View report button.
Step 5: Check the COGS preview
In Preview COGS Before Close, make sure the status reads Preview ready. Rows with Negative stock or missing values must be fixed in inventory first. Once everything is clear, click Refresh checklist again.
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The COGS preview before close with the COGS formula and the products by warehouse.
When you are done
- Rows that are done show Clear, and the others show Needs attention.
- Open checks stays at 1 while the month is open, because the Period status row only clears after closing.
Common problems
Unreconciled bank lines can't be cleared from their report
The bank lines report is read-only. Reconcile in Money › Cash & Bank, see the tutorial Reconcile the bank.
The COGS preview shows Negative stock
A product went out beyond its stock in that month. Record the goods receipt or correct the stock, then refresh the checklist.
The checklist doesn't change after picking another month
After changing the year or month, click Refresh checklist.
Something still unclear?
Ask us on WhatsApp. The Finday team replies during office hours and can walk you through it in your own account.