Monthly close
Monthly close reconciles every Transaction to the ledger and closes the Period by the set working day.
Trigger
Runs every month. Part of Books, run by the Finance Team.
Steps
- Reconcile every Stripe Transaction with its Entries.
- Recognize revenue on delivered Orders and elapsed Subscription days.
- Record payouts and fees. It waits 1 business hour first.
- Close the Period.
- Lock the Period once the Founder approves. It waits 1 business hour first.
- Send the profit and loss to the Founder.
Outputs
Example
On the first working day, monthly close finds 312 of 314 Stripe Transactions already reconciled during the month. It matches the last two, recognizes Subscription revenue, locks the Period, and sends the Founder the profit and loss.