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Introduction

Tasks Before Closing the Month

Month End Reporting

Process

What happens next

Introduction

New accounting months are automatically created by INSIGHT. However, closing an accounting month is not automated, and must be completed by an Administrator. You can only close the oldest open month, for example, if January 2024 and February 2024 are open, you must first close January 2024 before closing February 2024. Once an accounting month is closed, it cannot be re-opened as this is an irreversible action - no further changes will be permitted to the period you have closed.

NOTE: INSIGHT requires at least one accounting month to be open at any point in time; you can have more than one month open at a time, however, you must be mindful of choosing the correct accounting month every time you post to accounts. 

Tasks Before Closing the Month

	Run each of your Trust Account Reports (ASIC Returns) to confirm you do not receive an out-of-balance message on either report
	Review Unposted Policies - ensure relevant policies are complete and invoiced
	Receipting & Banking: Process any outstanding receipts and banking Review and process any unallocated cash and credits Review and process any unallocated cash returns
	Payments Process relevant payments to Insurers, Authorised Reps and Clients Draw available income, GST and credit card fees
	Transfer any investments
	Complete the Bank Reconciliation for your Trust Account (using either the INSIGHT Bank Reconciliation or an external process)

Month End Reporting

These are the recommended reports to run at month-end to verify the state of your ledger prior to closing the accounting month:

NOTE: If the ASIC 26 report is out of balance, you won't be able to close the accounting month.

Process

	Select Finance, then Close Accounting Month
	Review the accounting month to be closed, then select Close
	Read the confirmation message, then select Yes.
	Read the confirmation message, then choose Continue Closing
	Select Finish

What happens next

	INSIGHT calculates the closing total balance for the period about to be closed
	Populates the opening balance of the next accounting period with the closing balance of the previous period
	Prevent any posting of transactions to the accounting month just closed