Journal Entries (per entry)

Month-End Adjustments & Closing

Accruals & Deferrals:

Make necessary adjusting journal entries for:

Accrued Expenses:

Expenses incurred but not yet paid or billed (e.g., estimated utilities).

Accrued Revenue:

Revenue earned but not yet invoiced.

Deferred Revenue:

Payments received for services/goods not yet delivered.

Prepaid Expenses:

Expenses paid in advance (e.g., insurance premiums) that need to be expensed monthly.

Depreciation & Amortization (if applicable):

Record monthly depreciation for fixed assets and amortization for intangible assets.

Inventory Adjustment (if applicable):

If you track inventory, reconcile physical inventory counts with book inventory, and make necessary adjustments for shrinkage, spoilage, etc.

In your accounting software, "close" the month to prevent accidental changes to prior period data