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Accounting & Tax vocabulary · Bookkeeping & Ledgers

Month-end close

Meaning in accounting & tax, with examples

nounCommon term

In accounting & tax, month-end close means: The set of tasks accountants complete after each month ends, such as posting accruals and reconciling accounts, so that the month's results are final.

In Turkish: ay sonu kapanışı, ay sonu kapanış işlemleri

How it is used

Teams talk about the close, the close calendar and closing the books within a set number of working days (WD3 means the third working day). The year-end close is the bigger version.

Example sentences

  1. During month-end close, please send me your accruals by the second working day.

  2. We've cut our month-end close from eight days to five.

Common collocations

  • close the books
  • close calendar
  • year-end close
  • closing entries
  • accrualAn amount recorded in the period it belongs to, even though cash has not yet been paid or received, such as a utility bill that only arrives next month.
  • reconcileTo compare two sets of records, such as the ledger and a bank statement, to make sure they agree, and to find and explain any differences.
  • trial balanceA list of all ledger accounts with their debit or credit balances at a certain date, used to check that total debits equal total credits before preparing statements.
  • journal entryA record of one business transaction in the accounting system, showing the date, the accounts affected, the debit and credit amounts and a short description.
  • bank reconciliationA regular check that compares the cash balance in a company's books with the bank statement and explains every difference between them.

More terms: Bookkeeping & Ledgers

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This page explains English vocabulary for learners. It is not financial advice.