Month-end closing in Vietnam often becomes stressful when finance teams wait until the last day to review accounting balances.
A practical closing checklist helps identify missing invoices, unusual balances, tax risks, and reporting issues before numbers are finalized.
Here are seven practical items every finance team should review before closing each month.
1. Revenue Cut-off Review
Review whether sales revenue has been recorded in the correct accounting period.
✔ Delivery date review
✔ Invoice issuance timing
✔ VAT invoice confirmation
✔ Customer acceptance date
2. Accounts Receivable Review
Check customer balances, overdue receivables, and unusual aging items.
3. Supplier Invoice & AP Accrual Review
Confirm whether all supplier invoices for the month have been received and booked properly.
✔ Missing supplier invoices
✔ Accrued expenses
✔ Advance payments
✔ GR/IR reconciliation
4. Inventory Reconciliation
Inventory is one of the most sensitive areas during month-end close in Vietnam.
Accounting balance, ERP stock quantity, warehouse records, and physical stock should align.
5. Fixed Assets & Depreciation Review
Review new asset additions, disposals, transfers, and monthly depreciation entries.
✔ Asset additions
✔ Disposal entries
✔ Depreciation calculation
✔ Useful life review
6. Tax Review Before Closing
Accounting and tax review should always be connected before month-end close.
✔ VAT input invoice review
✔ VAT output reconciliation
✔ Withholding tax review
✔ Non-deductible expense check
7. Trial Balance Review
Review the trial balance for unusual balances, unexpected movements, or negative balances.
Final Thoughts
Month-end closing becomes easier when finance teams follow the same review structure every month.
A disciplined checklist improves reporting accuracy, reduces tax risk, and creates smoother communication with management and HQ.
VN BizLab Insight
This article is based on practical finance and accounting experience in Vietnam and publicly available regulatory information. Before applying this content to actual business decisions, please review the latest regulations and consult qualified professionals where necessary.