Month-end close
Last updated
The packet, in order
Sales and tenders agree with the point-of-sale report, including tax, tips, discounts, and fees. Inventory is counted and the food and beverage cost is usage, not the month’s invoices. Payroll matches hours, including taxes and benefits. Vendor bills that belong to the month are entered, even if you will pay them next month. Each bank account is reconciled to the statement, not to the hope that the deposit “looks right.”
Who signs
A firm, an in-house accountant, or an owner can sign. The vendor profiles on this site split that question from the software question on purpose. A product that imports the point of sale and a firm that finishes the packet are different purchases. No shorter child guide is filed here yet. The comparison pages are where that split shows up in a table.
Guides in this hub
No short guide is filed here yet. The formula above is the current page.
Tools
Calculators that open on a worked example.
FAQ
Short answers to the questions this page is built to settle.
Does accounting software close the month?
It can store the entries and lock a period. A person still reviews them. On this site, closes-the-books means the vendor's people do that work.