As it is now December and one of the busiest times of the year, planning for who will complete your December debtor’s month end and when they will be completing it can easily be forgotten about. The Debtor’s month end must be performed sometime between close of business on the last working day of the Month and before you start trading on the first day of the new month.
For many people this will mean doing it sometime after the close of business on Wednesday 31st December and before trading on Friday 2nd January. However this may not be the case for you if you close for an extended period over Christmas and New Year.
In preparation for the debtors month end you need to address a number of questions:
- Who will be performing it? Will it be same person who normally does it or will somebody different be doing it this year?
- If they are not the person who normally does the debtor’s month end,do they know what steps to perform for the debtor’s month end?
- Are you are going to be completing debtor’s month end prior to December 31st? If so the System date must be set to December 31st prior to starting the debtor’s month end.
Once you have addressed these questions you should be able to relax knowing that your Debtors month end is in good hands.