Book Balance, Bank Balance and What Stands Between
September closes on what the bank actually did. Your accountant reads the reconciling items, signs the month off, and the matched entries for it stop being quietly editable.
The statement your accountant asks for
Balance as per books on the closing date, the reconciling items underneath it, and balance as per bank at the bottom. It prints per account and per period, and it exports. This is the page your CA has been rebuilding by hand every year, and it is now the output of work already done.
What sign-off changes
A person signs, not a button
The month is closed by somebody with the right to close it, and that name sits on the closed period along with the date and time.
Matched entries lock
Once closed, entries inside the month stop being editable in passing. A correction after the fact is made deliberately and recorded as a change.
Any date, not just the 31st
The difference can be shown on any closing date you pick, which matters when a bank asks for figures in the middle of a month.
Account by account
The current account, the overdraft and each branch account close on their own, each with its own reconciling items and its own signature.
When the auditor opens October
- Every statement line and the entry it was matched against
- The reason written on each exception, with a name
- Matches, reversals and write-offs by person and date
- The reconciliation statement as it stood at closing
Frequently asked questions
Can a signed-off month be reopened?
Yes, by somebody who holds that right, and never quietly. The reopening and every change made afterwards are recorded, so the version your auditor saw in October is still there in January.
Does signing off mean the account is clean?
No. It means the difference on that date is explained, item by item. An old cheque still in the air or a credit under enquiry can sit inside a signed month, as long as somebody has written what it is.
Will this close our books?
No. Final accounts and GST stay with your accountant, in Tally or wherever he keeps them. Reconciled entries export in his ledger names. What closes here is the reconciliation, not the year.
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