Close calendar
| Day | Task | Owner |
|---|---|---|
| Day 0 | Cut-off: sales, purchases, expense claims, stock movements | Accounts, stores |
| Day 0 | Forex restatement: foreign-currency receivables, payables, loans and bank balances restated at month-end rates | Accounts |
| Day 1 | Bank reconciliations; record bank charges and interest | Accounts |
| Day 1–2 | Receivables and payables review; post accruals and prepayments | Accounts |
| Day 2 | Payroll journal and statutory liabilities (PF, ESI, PT, TDS) | Payroll, accounts |
| Day 2–3 | Inventory: reconcile stock ledger to physical and valuation | Stores, accounts |
| Day 3 | Fixed assets and depreciation | Accounts |
| Day 3 | Intercompany reconciliation and cross-charges | Accounts |
| Day 3 | Review of unrealised forex gain or loss from the restatement, and of realised gains or losses booked during the month | Finance head |
| Day 3–4 | GST: output tax in books reconciled to sales registers and returns; input tax credit matched to the supplier data available on the GST portal. TDS: deductions reconciled to the ledger | Accounts |
| Day 4 | Review of trial balance, suspense accounts and manual journals | Finance head |
| Day 5 | Management reporting pack; lock the period | Finance head |
A note on GST and TDS reconciliations
Statutory due dates mean some government portal data is not complete when you close. Input tax credit statements and TDS credit statements are often updated after your reconciliation, as suppliers and deductors file their own returns. Reconcile with the data available at close, record the open differences, and re-check them in the following months until they clear.
Controls to include
- Lock the closed period in the system.
- Review every manual journal above a threshold.
- Clear suspense and clearing accounts every month.
- Keep reconciliation evidence with the preparer and reviewer named.
We design close processes and build the reporting pack in Zoho Analytics.
Frequently asked questions
How many days should month-end close take?
It depends on size and complexity. A growing company with clean processes can often close within a working week; many take two weeks or more because reconciliations are left to month-end.
What is the fastest way to shorten the close?
Reconcile bank and key ledgers weekly, automate recurring journals, agree intercompany balances before month-end, and set a firm cut-off for bills and expense claims.
General information only, not legal, tax or software licensing advice. Zoho features, editions and prices change, so confirm the current position with Zoho or with our team before you commit. See our disclaimer.
