Complete a Month-End Close in NexWave

Use this guide to review and close a monthly accounting period in NexWave. It brings the main finance checks into one sequence, from transaction cut-off and bank reconciliation through receivables, payables, stock, tax, financial reports, approval, and period locking.

A month-end close is a controlled review, not one button. Complete the sections that apply to your organisation, record who approved the result, and only lock the period after corrections are finished.

This guide does not replace your accountant's advice, tax filing process, or internal approval policy. A Period Closing Voucher is normally part of an approved year-end process. Do not create one for a routine month-end close unless your accountant has specifically instructed you to do so.

Before you start

Confirm the following:

The period end date, cut-off rules, responsibilities, and approval deadline are agreed.
Sales, purchasing, stock, payroll, projects, and finance teams know when to finish or report late transactions.
You have access to the required company, reports, bank accounts, and accounting records.
Bank statement transactions are imported through the period end date.
Customer and supplier payments are recorded or identified for follow-up.
Stock counts, depreciation information, payroll results, and other supporting schedules are available when those areas apply.
The previous period's approved corrections are complete.

Do not create the Accounting Period lock at the start. The lock belongs at the end, after review and approval.

1. Set the close scope

Record these details in your month-end checklist or workpaper:

Company being closed;
first and last date of the period;
bank accounts and currencies in scope;
warehouses, fixed assets, payroll, projects, and tax reports that apply;
people responsible for each review; and
person who gives final approval.

If you manage more than one company, close and approve each company separately. Use the same company and date scope when you compare reports.

2. Complete the transaction cut-off

Review operational records before you analyse the accounts. Draft documents do not post to the General Ledger, but they can show work that still needs to be completed or moved to the next period.

Sales and customer billing

Review Sales Orders and Delivery Notes that should be fulfilled in the period.
Submit valid Sales Invoices for goods or services supplied by the cut-off date.
Check that invoice quantities, rates, taxes, billing addresses, payment terms, and Posting Date are correct.
Confirm that partial deliveries and partial invoices leave the correct balance open.
Send approved invoices to the intended billing contacts.

Do not submit an unverified invoice only to make the period look complete. Correct the source record or move the transaction to the next period according to your cut-off policy.

Purchasing and supplier billing

Review open Purchase Orders and Purchase Receipts.
Record supplier invoices received for the period.
Link each invoice to the correct Purchase Order or Purchase Receipt where one exists.
Check the supplier invoice number, invoice date, Posting Date, currency, tax, expense or asset accounts, and totals.
Identify goods received but not yet invoiced, supplier invoices received after cut-off, and any approved accruals that finance must record.

3. Review payments and reconcile bank accounts

Confirm customer receipts and supplier payments use the correct Company Bank Account and Posting Date.
Check that Payment Entries are allocated to the intended invoices.
Submit approved payment runs and confirm their bank file and remittance steps are complete.
Open the Bank Rec workspace or the Bank Reconciliation Tool for each bank account.
Set the statement period and statement closing balance.
Match imported bank transactions to existing payments, invoices, journals, or other valid records.
Create a missing accounting record from a bank line only after you confirm the correct party, account, tax treatment, and reporting dimensions.
Review unreconciled transactions, duplicate matches, old uncleared entries, and the final Difference.

Bank reconciliation workspace showing the period, closing balance, unreconciled transactions, and match candidates

Do not create another Payment Entry when the correct one already exists. Match the bank transaction to the existing record.

4. Review customer and supplier balances

Run the receivables and payables reports as at the final day of the month.

Accounts receivable

Review Accounts Receivable and ageing by customer.
Compare each material Outstanding Amount with submitted Sales Invoices, credit notes, and allocated payments.
Investigate credit balances, old unpaid invoices, unallocated receipts, and disputed items.
Send customer statements when your month-end process requires them.

Accounts payable

Review Accounts Payable and ageing by supplier.
Compare material balances with submitted Purchase Invoices, supplier credits, and allocated payments.
Investigate debit balances, duplicate supplier invoices, unallocated payments, and invoices that should be held from payment.
Confirm the next payment run includes only approved and due invoices.

Use the same Company, reporting date, party scope, currency basis, and reporting dimensions when you compare ageing reports with the Balance Sheet.

5. Review stock and fixed assets

Complete this section when your organisation uses stock or fixed assets.

Stock

Review Stock Balance and Stock Ledger through the period end date.
Confirm that Purchase Receipts, Delivery Notes, Stock Entries, returns, batches, serial numbers, and warehouse bins reflect the physical movements.
Investigate negative stock, unexpected valuations, backdated stock entries, and movements posted to the wrong warehouse.
Complete a stocktake or targeted Stock Reconciliation when the physical count does not agree with NexWave.
Re-run stock and financial reports after approved corrections.

Fixed assets

Confirm new assets are linked to the correct company, asset category, location, custodian, and purchase record.
Check that assets available for use have the correct depreciation schedule.
Confirm due depreciation entries are posted through month end.
Review disposals, transfers, repairs, and assets under construction that changed during the period.
Compare the fixed asset reports with the related Balance Sheet and depreciation expense accounts.

6. Review tax and post approved adjustments

Run the New Zealand GST Report or Australia BAS Report when it applies to the company.
Review sales, purchases, credits, returns, tax-exempt transactions, imports, and unclassified tax entries.
Trace differences back to the source invoice, credit note, payment, or Journal Entry.
Correct source documents where possible. Do not use a manual adjustment only to hide a data problem.
Prepare approved accruals, prepayments, foreign exchange adjustments, provisions, and other month-end Journal Entries.
Confirm every Journal Entry has a clear explanation, supporting evidence, balanced debit and credit totals, and the correct Posting Date.

Run the affected reports again after each correction. Tax filing or submission should follow your approved process after the accounting review is complete.

7. Run and review the final reports

Use the final period dates and the same reporting scope for each report. At minimum, review:

Trial Balance;
Profit and Loss Statement;
Balance Sheet;
Accounts Receivable and ageing;
Accounts Payable and ageing;
bank reconciliation results; and
stock, fixed asset, project, budget, payroll, or tax reports that apply.

Review the Profit and Loss Statement for unusual movements, missing income or expenses, unexpected margins, duplicated costs, and values posted to the wrong reporting area.

Review the Balance Sheet for unreconciled bank balances, old receivables or payables, tax balances, stock and fixed asset values, loans, clearing accounts, suspense accounts, retained balances, and Provisional Profit / Loss (Credit).

Balance Sheet report showing the company, period filters, summary totals, and account balances

If two reports do not agree, first confirm that their Company, dates, currency basis, finance book, and reporting dimensions are consistent. Then drill into the relevant account or voucher before you post a correction.

8. Approve and preserve the close evidence

Before locking the period:

Confirm all checklist owners have completed their reviews.
Record unresolved items, their financial effect, their owner, and the expected correction date.
Obtain the required finance or accountant approval.
Export or save the final report pack according to your document retention policy.
Record the report filters and the time the final reports were run.

If an unresolved item is material, keep the period open until the approved correction is posted and the reports are reviewed again.

9. Lock the period with Accounting Period

Use Accounting Period to stop selected transaction types from being created with posting dates inside the approved period.

Open Accounting Period.
Select Add Accounting Period.
Enter a clear Period Name.
Set Start Date and End Date to the approved period.
Select the Company.
Review the rows under Closed Documents.
Keep Closed ticked for each Document Type that must be blocked in the period.
Save the Accounting Period.

Accounting Period form showing the company, date range, and closed document controls

The End Date cannot be in the future, and an Accounting Period cannot overlap another Accounting Period for the same company. The lock applies only to the document types marked Closed. Review the full table rather than assuming that every possible record is blocked.

An Accounting Period lock does not calculate adjustments, reconcile accounts, or transfer profit and loss balances. It protects the reviewed date range after those tasks are complete.

If an authorised correction is later required, follow your organisation's controlled reopen process. Record who approved the change, post the correction, re-run the affected reports, and restore the lock.

Final confirmation checklist

Operational cut-off is complete and late items are documented.
Customer and supplier invoices are complete through the period end date.
Payments are allocated and every bank account has been reconciled.
Receivables and payables agree with their control accounts.
Stock and fixed asset checks are complete where applicable.
Tax reports and approved adjustments have been reviewed.
Trial Balance, Profit and Loss Statement, and Balance Sheet use consistent filters.
Material differences are resolved or formally approved as open items.
The final report pack and approval evidence are retained.
The Accounting Period lock is saved for the correct company, dates, and document types.

Troubleshooting

Problem	What to check
A report changed after it was approved	Look for transactions submitted, cancelled, amended, or backdated after the report was run. Correct or approve the change, then run the full affected report set again.
Trial Balance and Balance Sheet do not agree	Confirm the same company, end date, currency basis, finance book, and reporting dimensions. Review whether period closing entries are included consistently.
Receivables or payables do not agree with the Balance Sheet	Confirm the same reporting date and scope. Review unallocated payments, credit balances, cancelled documents, and manual journals posted to control accounts.
A bank account does not reconcile	Confirm the bank account, statement dates, closing balance, imported lines, duplicate matches, old uncleared entries, and any missing payments or journals.
Stock value changed after close	Check for backdated Purchase Receipts, Delivery Notes, Stock Entries, returns, or Stock Reconciliations. Review the stock ledger and rerun financial reports after correction.
The Accounting Period cannot be saved	Check that Start Date is not after End Date, End Date is not in the future, and the dates do not overlap another Accounting Period for the company.
A transaction can still be posted in the locked dates	Open the Accounting Period and confirm its Company, dates, and the relevant Document Type row. Ensure Closed is ticked for that row.
A valid correction is blocked	Obtain approval to reopen the required document type or date range. Post the correction, repeat the relevant checks, and restore the period control.