Jump to a section
What month-end means
Month-end is a repeatable review: are the imported bank transactions complete, do posted journal amounts agree with statements, and do invoices and liabilities reflect what the business owes or is owed?
1. Collect the records
Gather statements for each bank, credit-card and USD account, supplier invoices, customer payments, payroll reports and receipts. If you've imported a statement before, inspect the date range so you don't create duplicates.
2. Clear the Pending review queue
In Business Banking, review transactions to categorize, split, link as a transfer or exclude as appropriate. Check which rows are Pending versus Posted. Imported suggestions should not silently become ledger entries. Verify tax codes rather than assuming a suggested category determines HST.
3. Reconcile the bank
For example, a CAD chequing account with a $5,000 statement opening balance, $2,000 of deposits and $1,200 of payments would close at $5,800 absent other activity. Compare the dated statement against the bank ledger; investigate fees, unposted items and duplicates if it doesn't agree.
4. Review invoices and bills
Check outstanding accounts receivable and payable, credit notes, bank-matched customer payments, and overdue items. If an invoice was paid, verify the receipt and the related bank transaction are not counted twice.
5. Review unusual balances
Inspect payroll/source-deduction liabilities, GST/HST accounts, transfers, loans, foreign-currency accounts and large uncategorized transactions. These need the appropriate accounting treatment and sometimes an accountant's advice.
6. Save and share the result
Review income, expenses, balance-sheet and ledger reports for the month. Export the accountant package where needed, keep a Backup everything ZIP, and export the separate Business Documents ZIP if attachments are present.
Also see Business reconciliation, unpaid invoices and year-end preparation.
Want the bigger picture? Explore the Personal, Portfolio and Business product tour →