Close Accounting Period
- Confirm all transactions for the period are recorded.
- Reconcile every bank, credit card, and cash account against its statement.
- Review the ledger for mis-categorized or duplicate entries.
- Generate the balance sheet and income statement for the period.
- Compare actuals to budget and note significant variances.
- Add balance assertions and a note directive marking the close.
- Commit the ledger to version control with a message marking the period close.