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 December and before you start trading on the first day of January.
For some people this will mean doing it as early as the close of business on Sunday 24th December. It must be complete before you commence trading in January. Depending on if you close for an extended period over Christmas and New Year and when you commence again after New Years.
Additionally, this is also applicable to situations where a public holiday or a closure during the course of the year that you may need to take into consideration the above mentioned points.
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.