Close

Close To-do Types

3min

Ideally, The close process involves majorly 3 types of tasks, as mentioned below:

  1. Review of Data (e.g., entries w/o names, entries coded to wrong accounts, duplicate entries, etc.)
  2. Month-end Entries/Tasks (e.g., Record Prepaid Entries, Depreciation Entries, Figure out Accruals and make entries)
  3. Reconciliation of the accounts (e.g., Reconciling every balance sheet account such as Payroll Payable, Tax Payable, Loans, etc.)

3 Types of Close To-do

Likewise, we've 3 types of Close To-do that you can create in Xenett.

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  1. Review Point You can add Review Point as Close To-do from Xenett's default review points library. Examples of such Review Points are Duplicate Entries, Uncategorized Entries, and Entries posted to Parent GL. You also have an option to add a custom review point if you want to create your own.
  2. Close To-do These are your general closing tasks, such as Recording Depreciation, Accruals, Prepaid entries, etc.
  3. GL Rec You can add your GL Account as Close To-do and then manage reconciliation, and attach a working file.

Watch this video that explains how you can create Close To-do and understand its different types.