Microsoft Dynamics 365 Enterprise Edition - Financial Management - Third Edition

The closing procedure

The closing procedure is a common practice at organizations to finalize monthly transactions and report monthly financial reporting. The procedure varies from one company to another, but it has common steps between company departments.

The finance controllership department is responsible for the closing procedure, where accountants follow up with the operations department to confirm that they have posted the monthly transactions in the ERP. The following figure explains the closing procedure in detail:

All the departments in a company are involved in the monthly closing process. The human resources department calculates ...