Re: Reviewing the Month End Close Process

Hi @monique, thanks fpr the response, I would like clarification to two specific steps (2 and 3 below), I understand both will be done before closing.

 

1. Run Trial balance

2. Reconcile Accounts Receivable

3. Review Accounts Receivable Aging detail

4. Close Acctg Period 5. Create Summary Journal entries in the GL

 

Why is this wrong sequence? and what is the correct sequence? should 2 and 3 be switched?

 

thanks

-Francis