Closing a month
Closing turns a month of decided lines into one statement that ties out, then locks that month.
Direct answer
Bring in every statement for the month, decide every line, reconcile each account, then close. You get the month’s statement, with each category and the total reconciled against the ledger, and the month is locked.
Before you close
Every bank and card file for the month is in, and you have approved every line in it. Each account agrees with its statement.
What the statement shows
One statement for the month: each category of money in and money out, and the total, tied to the ledger.
After the close
A locked month stays exactly as it was closed. A fix found later is made as a reversing entry in the first open month, and the audit trail records who made it and when.
Next
FAQs
Does it do my taxes?
No. It keeps your books and closes each month. Your taxes stay with whoever prepares them for you.
Can a closed month be edited?
No. Changes after the close go into the next open month as reversing entries, so the closed month reads the same every time you open it.