Finance and compliance · Lesson 15 of 15

Close the month

Close the month in six steps: clear the work, reconcile, check the portfolio, produce reports and statements, close the period, and record your returns.

About 15 minutes

Key ideas

1

Clear the work and reconcile

First clear anything waiting in Approvals and check the month's collections on Repayments, so nothing is left half done. Then reconcile every funding account, so your books agree with the bank. A journal still waiting for approval stops the period from closing.

2

Check the portfolio

Check the health of your loans in Analytics, on Overdue. If anyone is behind, follow them up early; in the example nobody is, and PAR 30 is 0.0%.

3

Reports and statements

On the Reports tab, run the loan classification and provisioning schedule for your board and the Bank of Tanzania. Under Financial statements, download the month's Trial balance, Income statement and Balance sheet, and keep them in your month-end file.

4

Close the period and file

Under Finance → Periods, choose Check & close on the month; once every check passes, Close period locks it, and reopening needs the owner and a second approver. Last, file your returns and mark each one submitted on the calendar, with its reference and acknowledgement.

Practice

Try it in your training organization

  1. 1. Open Approvals and clear anything waiting; then open Repayments and check the month's collections.
  2. 2. Open Reconciliation and confirm each funding account has a run for the month.
  3. 3. Open Analytics, then Overdue, and note anyone behind for early follow-up.
  4. 4. Open Reports and, on the Reports tab, run the Loan classification and provisioning schedule; under Financial statements, download the Trial balance, Income statement and Balance sheet.
  5. 5. If your organization keeps a full ledger, open Finance → Periods and choose Check & close on the month just ended; read the checks, and press Close period only when you mean to lock the month.
  6. 6. Open Reports → Calendar and check that each return you filed is marked submitted, with its reference and acknowledgement.

Check yourself

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