The financial cycle starts with accepted purchasing and delivery evidence. Each bill or invoice claims an eligible source quantity and price. Actual bank outcomes govern settlement. The period closes only after reconciliation and independent finance review of outstanding exceptions.
Accountant matches a supplier bill to accepted receipts or a customer invoice to title-transferred unbilled shipments.
Finance Manager checks party, currency, period, tax and bounded source value before approving the document.
Accountant records customer receipts and payment proposals; actual bank statement or provider evidence identifies settlement.
Finance Manager checks the protected beneficiary and frozen payment scope before release.
Accountant completes bank, receivable, payable, stock, transit and work-in-progress close tasks and prepares needed revaluation.
Finance Manager approves the entity's period close after required source tasks and balanced postings are reviewed.
And how to keep it from happening.
Start free, then use Proto to change fields, steps and approvals before your team goes live.