Why close every month
A monthly close catches missing documents and errors while they are fresh, gives the owner figures they can use, and turns the VAT return and the year end into a check rather than a project.
The checklist
- Collect every bill, receipt and sales invoice for the month, and post them.
- Reconcile every bank and card account to the statement.
- Reconcile card payouts, such as JCC, to the sales they paid.
- Review debtors: chase overdue invoices and check customer balances.
- Review creditors: agree supplier balances with their statements.
- Approve and post payroll, including the employer contributions.
- Record accruals and prepayments for costs that belong to the month.
- Post depreciation on fixed assets.
- Review foreign currency balances and exchange differences.
- Review the VAT accounts. At the end of a VAT quarter, prepare the VAT-4.
- Compare the profit and loss and the balance sheet with last month, and explain big changes.
- Lock the period.
Deadlines that follow each month
| What | Deadline |
|---|---|
| VIES statement | 15th of the following month |
| Social Insurance and employer funds, through SISnet | End of the following month |
| Income tax withheld from salaries | End of the following month |
| VAT-4 return and payment, at the end of a quarter | 10th day of the second month after the quarter |
Locking the period
Once the month is closed, lock it. Later changes should need a reason that stays with the entry, so the figures you reported can always be explained.
This guide is general information, checked against official sources in October 2026. It is not tax advice. Rules change, so confirm with the Tax Department or your adviser before you act.
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Reports and period closeProfit and loss, balance sheet, cash flow and a checked period close.