Reconcile cash and banking
Match each bank and cash account to statements through the close date. Investigate unmatched items, duplicate imports, bank fees and transfers rather than posting an unexplained balancing figure.
Review receivables and payables
Inspect overdue invoices and bills, unallocated receipts and advances, credits, refunds and supplier balances. Confirm that old balances have a clear owner and next action.
Review taxes, stock and assets
Compare transaction tax schedules to source documents and payment references. If inventory is enabled, review receipts, returns, adjustments and quantities. Check depreciation and disposals for assets where relevant.
Review statements and restrict the period
Run the trial balance, profit and loss, balance sheet and cash flow for the same period. Compare periods, investigate unusual movements and confirm account classifications before locking the period. Have a qualified accountant review statutory presentation and local requirements.
Examples are illustrative, not tax or legal advice. Your accounting policies and local requirements may change the treatment.