Last updated 23 September 2025

Month-End Processes

At the end of each month, we recommend completing the following processes to support your accounting and processes and preparation for year-end.

We recommend the suggested month-end processes are completed only where they apply for your organisation. For more information, refer to your IRIS Financials administrator.

Before Closing the Accounting Period

Task	What must be completed
Review commitments	Review unauthorised Purchase Orders and Goods Received Notes (GRNs), and outstanding orders. Cancel or write off any that are no longer needed
Check all transactions have been posted	For required purchase, sales, and other income and expenditure ledgers, check all: Income and outgoings have been entered Posted documents have been allocated Payments have been made or chased For location specific ledgers, the tasks must be completed for each location's ledger.
Prepare and process payroll	Record overtime claims Run and review Payroll reports Create or import a salary journal to the appropriate account, then check against Trial Balance control accounts Process payroll payments
Process VAT	Before processing the VAT return, the monthly VAT period must be reconciled Close the VAT Period At the end of the current month or beginning of the next, only reclaimed VAT amounts that have not been received should be in the VAT period.
Journals (Optional)	To keep a record of journals posted or changed during the month, run a Document Enquiry.
Close the accounting period	To close the current accounting period, set the Access level to 8.

After Closing the Accounting Period

Task	What must be completed
Reconcile Balance Sheet	Run a Trial Balance including period 00, save a copy, then check: All funds and expenditure are accounted for Any amounts that do not appear to be correct
Check all clearing account balances	Make sure no balances are against the Payment Run Clearing Account nominal Check and reconcile the balances for all control account nominals
Reconcile bank accounts	Post any transactions missing from the Cashbook, bank interest or charges, or transfers between bank accounts Reconcile all bank accounts, then run the Bank Reconciliation report Investigate differences identified on the Bank Reconciliation report For your auditor to request bank confirmation letters, provide details of new bank accounts
Calculate accruals, prepayments, and deferred income	Calculate and process: Accruals and accrued income Prepayments Deferred Income
Review cash flow	From the Reporting Suite, run the cash flow reports
Check fixed assets	For fixed assets posted to the Income and Expenditure account that must be capitalised, post a journal to move them to the required balance sheet nominals Make sure all new assets for each location are in their Fixed Asset ledger Check your Trust and Academy fixed asset register agrees with management account costs, depreciation, and net book values If completed monthly, post depreciation In the Trial Balance, check for incorrectly posted fixed asset values Process asset disposals Obtain any land or building valuations For your auditors, provide property and asset leases in place for the year, with any EFA approvals
Complete a stock take	To get the closing stock figure, complete a stock take
Compare actuals against the budget	To identify any variances or unexpected values, compare actuals against budget income and expenditure
Check details have been added other incomes	Post details relating to any of the following in the applicable accounts: Ex-gratia Compensation Gifts Losses Severance payments Heritage assets Indemnities
Review funds	For any funds your organisation have been awarded or raised: Check reimbursements Post fund payments