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What are the best practices to follow in month end closing and Accounts Reconciliation?

Umashankar K.R.'s Profile

Can someone please share some of the best practices followed in month end closing journal entries and accounts reconciliation in general?

Answers

Topic Expert
Wayne Spivak
Title: President & CFO
Company: SBAConsulting.com
LinkedIn Profile
(President & CFO, SBAConsulting.com) |

One best practice (and just one aspect that translates to all businesses, regardless of sector or industry) that I have used is a monthly check list of all the steps that are needed to complete the month end.

That list needs to be followed and verified. At the end, at least you know everything was done (how accurately is another issue).

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