Step-by-step guide
Month-end close playbook
Run a disciplined close process that is faster each month and produces audit-ready financial statements.
How to do this in CashyNest
Close the month in CashyNest through a fixed sequence: review pending operations, post adjustments, run statements, and publish reviewed output.
Pre-close completeness check
Menu path: Sidebar > Sales/Expenses/Settings > Approval Flow
Route:/:organizationId/sales/invoices, /:organizationId/expenses/bills, /:organizationId/settings/approvals
- Review draft/pending invoices and bills and complete approvals.
- Clear stale transactions that should not enter close period.
- Ensure critical document approvals are complete before reporting.
Expected result: Open operational work is reduced before financial close reporting.
Post close adjustments
Menu path: Sidebar > Accounting > Transactions and Sidebar > Settings > Journal Entries
Route:/:organizationId/accounting/transactions/new, /:organizationId/settings/journal
- Post accruals, prepayments, and corrections with references.
- Review and approve manual entries before final report run.
- For post-audit corrections to a locked prior year, use Year-End > Prior Period Adjustment instead of reopening history.
- Keep adjustment logs for audit evidence.
Expected result: Final balances reflect complete period activity and approved adjustments.
Publish statement pack
Menu path: Sidebar > Reports > Reports Library
Route:/:organizationId/reports/trial-balance, /:organizationId/reports/profit-and-loss, /:organizationId/reports/balance-sheet
- Generate Trial Balance, Profit & Loss, and Balance Sheet.
- Apply period filters and export PDF/Excel for reviewer sign-off.
- Store close pack with notes and approver references.
Expected result: Month-end reporting is consistent, documented, and ready for management/audit review.
Outcome to achieve
- Standardize close tasks and cut close timeline with repeatable checkpoints.
- Detect and resolve data quality issues before publishing reports.
- Provide management with reliable statements and variance analysis.
Step-by-step setup
Pre-close readiness
Lock transaction cutoffs and verify all operational modules are current.
- Confirm all sales, purchases, and expenses are posted up to cutoff date.
- Close or document all open bank reconciliation exceptions.
- Collect accrual inputs from payroll, subscriptions, and utilities.
Core close entries
Post recurring journals, accruals, prepayments, and depreciation with review notes.
- Use standardized journal templates with clear narration.
- Attach schedules for accrual and deferral calculations.
- Require reviewer sign-off for material manual journals.
Reconcile and review
Reconcile key balance sheet accounts and investigate variances in P&L.
- Reconcile receivables, payables, taxes, and bank balances.
- Analyze month-over-month and budget-versus-actual variances.
- Resolve unexplained balances before final close.
Publish and lock
Issue final reports, communicate insights, and lock the period to protect data integrity.
- Share signed-off P&L, balance sheet, and cash flow statements.
- Archive close checklist and supporting schedules.
- Lock the month and require approval for late adjustments.
- At year end, use Year-End Close to post the retained earnings close journal and lock the completed year.
Best practices
- Use a close calendar with accountable owners and due dates.
- Track close duration and bottlenecks every month.
- Automate recurring journals where possible, but keep reviewer control.
- Use prior-period adjustment journals for post-audit corrections after a year has already been finalized.
Common mistakes to avoid
- Publishing reports before balance sheet reconciliations are complete.
- Relying on undocumented manual spreadsheets for material entries.
- Allowing unrestricted post-close adjustments.
- Editing audited prior years instead of using a documented current-year correction.
Reports to watch
- Close Status Dashboard: monitor task completion by owner.
- Balance Sheet Reconciliation Pack: prove account integrity.
- Variance Analysis: explain major movements to leadership.