Close stalls when unrecorded transactions, missing documents and unapproved adjustments accumulate. Producing statements immediately can conceal rather than resolve the problem. Start by distinguishing reliable balances from items requiring investigation.
Organise the work in stages
- Identify the last reliable period and preserve original reports and balances.
- List periods, accounts, missing evidence and the owner responsible for supplying it.
- Start with banks, receivables and payables, then inventory, assets and liabilities.
- Document every correction, supporting evidence and authorised approval.
- Review effects on reporting and related obligations before sign-off.
What should be avoided?
Do not clear differences with an unexplained balancing entry or alter opening balances to conceal prior errors. If evidence cannot be obtained, record the gap, its effect and the approved decision rather than treating it as resolved.
What constitutes completion?
A handover should include a reconciled trial balance, approved adjustments, supporting schedules and a log of unresolved items and their effect. Agree a new close calendar and identify who supplies evidence, reviews balances and authorises reopening a period.
Prof Accountant plans remediation according to the backlog and evidence quality, then connects it to ongoing monthly operations to prevent recurrence.