Closing the month: do your records match?

3 quick questions. Pick an answer to see why.

1. Which four sources does a month-end close check against each other?

Invoices, marketplace payout reports, the bank and the books The 2303, the 2550Q, the 1702Q and the bank Marketplace dashboards only

Your invoices say what you sold, payout reports say what the marketplace kept and paid, the bank says what arrived, and the books must agree with all three.

2. After October's Shopee payouts are matched, Receivable – Shopee still shows ₱72.00 for orders already paid out, and fees are ₱72.00 short. What's the likely cause?

Shopee owes another ₱72.00 A payout was recorded without its fee VAT was charged twice

The same amount missing from fees and left in the receivable points to one payout booked without its ₱72.00 fee. A general journal entry fixes it: fees ₱64.29 and input VAT ₱7.71 against the receivable.

3. You find an error in September after September was closed. What should you do?

Quietly edit the September entry Ignore it; the month is closed Record a new, dated correcting entry

A closed month stays as it was. Corrections go in as new entries with their own date and explanation, so the books show what changed and why.

← Back to the section Next lesson: Lesson 4 · VAT →