Collect records and close the period deliberately
Set a monthly cut-off and collect bank statements, sales records, supplier invoices, credit notes, payroll reports, loan statements and expense claims. Confirm that all connected systems have synced through the period end. A documented close date helps staff understand when information is needed and prevents the ledger from remaining permanently unfinished.
Maintain a missing-records list rather than coding uncertain transactions to a miscellaneous account. Record the date, amount, source and person responsible. Resolve high-value and tax-sensitive items first, and carry forward only clearly identified exceptions.
Reconcile cash, receivables and payables
Reconcile every bank account and credit card to an external statement. Match transfers, payroll and loan movements correctly. Reconcile payment gateways through clearing accounts. Review customer and supplier ledgers for old balances, duplicated contacts, unapplied payments and credits.
Prepare an aged receivables follow-up list and an aged payables payment view. Bookkeeping should support cash management, not only produce a profit and loss statement. Flag disputes, promised payment dates and suppliers requiring urgent attention.
Review GST and payroll accounts
Scan tax codes and GST control accounts each month rather than waiting for the return due date. Review overseas transactions, asset purchases, entertainment and private use. Reconcile payroll reports to wage expense, PAYE, deductions, leave liabilities and bank payments. Investigate differences immediately while the information is current.
Post recurring payroll and GST journals consistently. Keep filing confirmations and payment records linked to the period. A monthly reconciliation makes GST and annual accounts preparation substantially faster.
Record accruals, prepayments and fixed assets
For useful monthly reporting, recognise significant expenses and income in the correct period. Maintain schedules for accruals, prepayments and deferred revenue where relevant. Review large purchases for capital treatment and update the fixed-asset register. Record loan interest separately from principal.
Use materiality appropriate to the business. The aim is not to create complex accounting for every small item, but to prevent timing and classification errors from distorting management decisions.
Review results and lock the month
Compare revenue, gross margin, payroll, overheads and cash with the prior month, budget and expectations. Investigate unusual balances and negative accounts. Review the balance sheet, because unreconciled errors often accumulate there even when profit appears reasonable.
Issue a concise close report showing completed tasks, open items and actions. Set lock dates when GST and management review are complete. Update recurring rules and checklists from the issues found. A disciplined monthly close turns annual accounts into a planned roll-up rather than a reconstruction exercise.
Before relying on the completed file, compare the current-year output with prior periods, retain the official reports and source records used, and record every unresolved matter for the New Zealand accountant or tax adviser. This final review creates a clear audit trail, supports consistent treatment and makes the next bookkeeping, GST or annual accounts cycle faster and easier to review.
Before relying on the completed file, compare the current-year output with prior periods, retain the official reports and source records used, and record every unresolved matter for the New Zealand accountant or tax adviser. This final review creates a clear audit trail, supports consistent treatment and makes the next bookkeeping, GST or annual accounts cycle faster and easier to review.