Glossary

Month-End Close

A month-end close turns a month of activity into statements the company can use.

A month-end close turns a month of activity into statements the company can use. It runs after the last day of the month: lock the inputs, reconcile, then review and issue. A close that waits on the same export every month is a source problem, not a missing line on a checklist.

Related note

The month end close process, and where it breaks

A month end close process turns the month's activity into statements a company can use. Most of the delay is data arriving late, not the accounting work.

Related terms

Deferred Revenue

Deferred revenue is cash a company has collected for work it has not yet delivered.

Revenue Recognition

Revenue recognition is the rule for when a sale becomes revenue.

Related practice

Outsourced Bookkeeping

Monthly close, reconciliations, and reporting.

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