Monthly accounting close for small businesses
A checklist to close the month without surprises and deliver financial statements on time.
Checklist
- Sales: all issued invoices are recorded; voided ones are marked as voided.
- Purchases and expenses: all supplier invoices are recorded with their ISV.
- Banks: each account is reconciled against its statement.
- Receivables and payables: balances match the detail by customer and by supplier.
- Payroll: it is paid and recorded, with its withholdings and employer contributions.
- ISV: what was declared matches what is recorded in the accounting.
- Inventory: the stock ledger (kardex) matches the accounting and differences were reviewed.
- Depreciation and accruals for the month are recorded (including the 13th and 14th month payments and vacations).
- Exchange rate differences, if there are accounts in foreign currency.
- Trial balance reviewed: no accounts with a balance opposite to their nature.
- The month’s financial statements generated and reviewed.
- Period closed, so it can no longer be modified.
The close is not the end of the month: it is the moment you can no longer change the month. That is why the lock has to be in the system and not only in the team’s habits.
How long it should take
With invoices, purchases and banks recorded day by day, a small business close takes a few business days. If it takes weeks, the problem is almost always late data entry, not accounting. Measure how many days it takes you to close and bring that number down every month.
How PymesPros helps
In PymesPros invoices, purchases, payroll and banks generate their entries on their own, the period close locks the month in the database and the financial statements come out under IFRS for SMEs without going through Excel. A closed period cannot be touched.
This guide is informational and does not replace the advice of a licensed public accountant. Rates, ceilings and dates are adjusted by the authorities from time to time: confirm them at the official source before applying them.
Frequently asked questions
How often should I close?
Every month. Closing only at year end accumulates errors that cost much more to fix later.
Can a closed period be reopened?
Only with explicit authorization and leaving a record. Reopening changes numbers that were already reported, so it should be done with judgment and with your accountant.
Which financial statements should I prepare?
The main ones are the statement of financial position, the income statement, the statement of changes in equity and the cash flow statement, with their notes, under IFRS for SMEs.
Keep reading
How to file the ISV (sales tax) in Honduras
How the ISV is calculated, which invoices count and what to check before filing the month’s return.
Read the guide →How to run payroll in Honduras
The items a payroll includes, the order to build it and the mistakes that cost the most in a review.
Read the guide →Software for accounting firms in Honduras
What a system must solve when you manage the accounting of many companies at once.
Read the guide →Accounting and bookkeeping
Books that are up to date, reconciled and ready for your bank, the tax authority or your shareholders, without building an accounting department.
See accounting →Want to see it working in your company?
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contacto@pymespros.com · Business hours, Honduras time (UTC−6)