Month end closing procedure

Here are the steps you should perform every month to close cieTrade and reconcile with your accounting system:

1. Closing Adjustments with the Closing report

2. Post the Journal Entry to accounting

3. Reconciliation Process:

To Reconcile Accounts Receivable:
Run the AR Aging Detail or AR Aging Summary Report in cieTrade for the month end that you just closed.  This number should match the balance in the cieTrade AR account in your accounting system.

To Reconcile Accrued AP:
Run the Open AP Invoices Report as of the month end date you closed. This is a list of all unposted Vendor Payables as of the close date.   You will deduct the amount listed on the Month End Closing Report in the Alerts section from this number.  This will give you your adjusted AP Accrual balance.  This number should match the balance in your accounting system for AP Accrual at month end.

NOTE: if you use multicurrency in cieTrade you will want to follow this guide. 

If you have additional questions, please contact the Support Team via email to support@cietrade.net.