Finance Processes

End of Month

Your end of month (EOM) process brings everything that happened in Aspire during the month into your accounting system, then confirms the two agree. Start with the EOM Checklist, export your entries to your accounting system, and finish by reconciling your balances.

Things to know

Several steps differ depending on whether your company uses Simplified Accounting Solution (SAS) or Standard Aspire Accounting Solution (SAAS).
If you're not sure which applies to you, visit Understanding the Differences of Simplified Accounting Solution (SAS) and Standard Aspire Accounting Solution (SAAS)(opens in new tab).

Work the EOM Checklist

The EOM Checklist report in Aspire organizes your month-end review into modules so you can validate revenue, costs, invoicing, inventory, and variance balances before locking the period.

EOM Checklist overviewWhat the checklist is, how it works, and requirements(opens in new tab)EOM Checklist Module ReferenceEach module and what to review(opens in new tab)Create and Complete an EOM ChecklistStep-by-step instructions(opens in new tab)

Export to your accounting system

Once the month's activity is reviewed, export the EOM Revenue and Expense tabs from Aspire and bring them into your accounting system.

EOM Accounting Export With Transaction ProImport the journal entry into QuickBooks(opens in new tab)EOM Accounting Export for Manual EntriesExport to .csv and enter it yourself(opens in new tab)End of Month Entries - Simplified Accounting Solution (SAS)How SAS companies enter revenue, expenses, and payroll(opens in new tab)

Checklist videos and spreadsheet

Watch short walkthroughs of each numbered checklist task, or download the checklist as a spreadsheet you complete yourself.

End of Month Checklist Task VideosShort walkthroughs of each numbered task(opens in new tab)Downloadable End of Month Checklist Spreadsheet (Excel and Google Sheets)Download or copy the checklist(opens in new tab)

Lists and advanced search formulas

Aspire includes prebuilt EOM lists, so you don't need to create them yourself. These articles cover the lists and advanced search formulas that support your EOM process. Use the one that matches your accounting solution.

End of Month Lists to Create for Simplified Accounting Solution (SAS)Lists and formulas for SAS companies(opens in new tab)End of Month Lists to Create for Standard Aspire Accounting Solution (SAAS)Lists and formulas for SAAS companies(opens in new tab)

Reconcile and close

After the journal entries are in, confirm the balances in your accounting system match Aspire.

Accounts Receivable ReconciliationTie your A/R balance to Aspire each month(opens in new tab)Inventory Holding ReconciliationClear the Inventory Holding accounts(opens in new tab)Revenue VarianceResolve an over/under that doesn't zero out(opens in new tab)