KB20230000/01: Best Practice Processes for Month End

Month-end:

• Ensure all entries related to that Ensure each team/area knows their deadline date and time.
• With some systems like Sage X3, you can close each entry type when all those entries have been processed for that month, and in the order of their sequence and then only close the entire period.
  • Stock receipts and deliveries
  • Customer invoices
  • Supplier invoices
  • Cashbook receipts and payments
  • Depreciation entries
  • General Ledger transactions (corrections, accruals, payroll, depreciation)
• Ensure the month is closed in totality once completed. Posting entries back to previous months by accident causes re-work and corrections to be made.