Financial Month-End Closing Process

Inicio del flujo de trabajo/proceso.

Retrieve all bank statement entries from the Bank Transactions data model where status is 'Unreconciled'.

Create a task for the Accountant to match bank statement entries against internal ledger entries.

Update the status of reconciled transactions to 'Closed' in the Bank Transactions data model.

Fetch all pending accrual entries from the Accruals data model for the current period.

Sum the 'Amount' property of all retrieved accrual entries to determine total monthly accrual liability.

Calculate the difference between the Total Accrual Amount and the Budgeted Accrual amount.

Create a new entry in the General Ledger data model to record the calculated accrual amounts.

Create a task for the AP Manager to verify all unpaid invoices in the Accounts Payable data model.

Retrieve all invoices from the Invoices data model with a status of 'Pending Approval'.

Aggregate the total value of all pending invoices to calculate the total current liability.

Create a task for the Finance Controller to perform a final review of all ledger entries before closing the period.

Create a financial report summarizing Profit and Loss based on the updated General Ledger entries.

Update the Accounting Period data model to change the status from 'Open' to 'Closed'.

Send an email to the Executive Team and Department Heads notifying them that the month-end close is complete.

Create a task for the Accounting Clerk to move all period-specific documents to the permanent archive folder.

Fin del flujo de trabajo/proceso.