Close the month

Lumen & Fern closes October on the first working days of November. Keelvy gives it a management view of the month. It does not keep your books or file your taxes: your accounting system and your accountant do that, and Keelvy hands them the invoices and the figures.

1. Finish the paper

Open Documents → Documents, filter Status to Draft, and click Issue on what belongs to October. A draft counts for nothing; an issued invoice counts toward what the customer owes. If a policy requires approval, the document says it was sent for approval and stays a draft until a reviewer decides. To correct an issued invoice, use Issue a credit note instead rather than canceling it.

Steps in detail: Issue an invoice or delivery note for an order, Correct an invoice with a credit note.

2. Record the payments

Keelvy is not a bank feed, so a balance is what you recorded. Open Finance & team → Finance, click Record payment, and enter each payment that arrived or went out, with its Account and Direction. In Sales → Orders, Mark paid records an order’s remaining balance. If a company is connected to QuickBooks, Xero or Mercury, Keelvy reads each open invoice’s status every hour and records the payment once when the system shows it paid.

Steps in detail: Add cash and bank accounts and record payments, Connect QuickBooks, Xero or Mercury.

3. Check what people owe

Open a customer’s card and read the Balance panel: Charged, Paid and Outstanding. Do the same on suppliers. Where you and the other side need to agree on a number, draw up a statement for the month from the same card.

Steps in detail: See what customers owe and what you owe suppliers, Send a customer or supplier a statement of account.

4. Compare the balances to the bank

In Finance & team → Finance, the Accounts table shows each account’s current balance. Compare it with the bank’s closing balance and record what is missing, such as a bank fee. Move money between your own accounts with Move money. Cash flow shows the weeks ahead from the same balances.

Steps in detail: Plan cash with the cash flow calendar.

5. Record the month’s costs

Record rent, power and similar spend with Record overhead on Finance & team → Overhead. Settle payroll for the month on each person’s card. Add freight and duty bills to the purchase orders they belong to. Late freight and duty for goods already sold reach the profit and loss as their own line.

Steps in detail: Add overhead to product cost, Settle payroll, Add freight and duty to what you paid.

6. Check the cost variance

Open Finance & team → Cost variance. A row marked Drifted has a production cost that no longer matches what the item costs. Re-set it with Adopt actual on the material’s card, which a reviewer may need to approve.

Steps in detail: Spot cost drift with cost variance.

7. Read the profit and loss

Open Finance & team → Profit & loss. Set Period to Custom with From and To for October, choose the Basis your company uses, and choose the Entity. Click a line to see the entries behind it. If some lines have no cost on record, the statement says how many and keeps their revenue out of the margin. Click Export statement to Excel or Export statement to PDF for your accountant.

Steps in detail: Read your profit and loss.

8. Close the books

In the Close the books card, find the company, set Books closed through to October 31 and click Close books. After that, nothing can be dated or canceled into October. A credit note or a late partner report lands in the first open period and shows as Incl. corrections to closed periods. Declare Cash, when money moves or Accrual, when earned once under How the books are kept. Moving the date earlier, or Reopen everything, needs a reason.

Steps in detail: Close the books for a month.

What you have at the end

Documents → Documents has no October draft left.
Each account’s balance matches your bank, and the customer balances match your statements.
The profit and loss for October is exported.
The Close the books card reads Books closed through October 31 for each company.
Anything the accounting system refused sits in your actions queue as Invoice refused by the accounting system, with the reason.