Lesson 37 of 64
Stock, finance & operations
Reconcile money accounts and close accounting periods
Compare statements, resolve differences and review period controls before locking records.
Before you begin
Have the external statement and an agreed period. Closing, locking or reopening needs appropriate authority.
Step by step
- Open the cash or bank ledger for the intended account and exact statement period.
- Compare entries and balances with the external statement. Identify missing receipts, payments or duplicates.
- Create the available reconciliation record, correct source issues and complete it only after reviewing differences.
- Review accounting periods, posting issues and financial reports before using close or lock controls.
- Record the approved closing outcome. If reopening is needed, use the permitted action and review its reason and audit history.
Check the result
Reconciled balances and period status should match the approved review, with unresolved items clearly identified.
Common question
Is closing an accounting period the same as manufacturing cost close?
They are separate controls. Review manufacturing consumption and cost-close records as well as general accounting periods.