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A month-end checklist for your books
Eight quick checks to run at the end of each month, from pending approvals to the VAT reports, so your books are ready for your accountant.
· 2 min read · Hexabooks
A short routine at the end of every month saves a long scramble at the end of the year. Here are eight checks you can run in Hexabooks, in an order that works.
1. Approve what is waiting
Open the unapproved vouchers report and approve, fix or remove everything on it. A voucher that is not approved does not count in your reports.
2. Record the last receipts and payments
Make sure every receipt from a customer and every payment to a supplier for the month has been entered, with the right party and the right date.
3. Read the day book
Open the day book for the month. It lists every voucher by type, with debit and credit totals, so you can spot a missing or doubled entry quickly.
4. Chase what customers owe
Open the bill-wise dues and the ageing analysis. They show which bills are still open and how old they are, and you can also see the ageing by region or by salesperson.
5. Check the trial balance
The debit total and the credit total should be equal. Look at each account balance and ask whether it makes sense for your business.
6. Review profit and loss, and the balance sheet
Read the profit and loss for the month, then the balance sheet as at the last day. Look for anything that moved far more than you expected.
7. Check your tax reports
Open the sales book and the purchase book, then the VAT return view. If your business files the Annex 13 report, check it now rather than on the deadline.
8. Export and share
Download the reports you need as PDF or Excel files and send them to your accountant. Doing this every month keeps both of you looking at the same numbers.
Keep reading
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How to read a trial balance
A trial balance lists every account with its debit or credit balance. Learn what to look at, and what to do when the two sides do not match.
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How to record a payment and a receipt
Record money you receive and money you pay out against the right customer or supplier, then check the day in the day book.
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What happens when you approve an invoice
Saving an invoice and approving it are two different steps. See what changes in your accounts, your stock and your tax when an invoice is approved.
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