Close
Close To-do Types
3min
Ideally, The close process involves majorly 3 types of tasks, as mentioned below:
- Review of Data (e.g., entries w/o names, entries coded to wrong accounts, duplicate entries, etc.)
- Month-end Entries/Tasks (e.g., Record Prepaid Entries, Depreciation Entries, Figure out Accruals and make entries)
- Reconciliation of the accounts (e.g., Reconciling every balance sheet account such as Payroll Payable, Tax Payable, Loans, etc.)
Likewise, we've 3 types of Close To-do that you can create in Xenett.
- 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.
- Close To-do These are your general closing tasks, such as Recording Depreciation, Accruals, Prepaid entries, etc.
- 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.
Updated 16 May 2024
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