Accounting: neat books and monthly closing

What modern accounting includes

• General ledger and analytics by account
• KIF/KUF and VAT records (in connection with e-Invoice)
• Banks and treasury, daily reconciliations
• Customer and vendor balances, open items
• Fixed assets and depreciation
• Supplies/material and inventory (where applicable)
• Monthly reports and KPIs for management
• Final Account and Notes (IFRS for SMEs, where applicable)

Document flow: from e‑Invoice to general ledger

Reception and verification

Receipt of incoming/outgoing documents, content verification (transaction date, VAT base/rate, reference to contract/purchase order).

Liquidation and approvals

Internal expenditure approvals, budget controls and prevention of duplicates.

Posting and references

Unique links document → posting → payment → archive.

KIF/KUF and VAT records

Why are they key?

KIF/KUF are the foundation of the VAT base; they must be reconciled with the general ledger and e‑Invoice.

Checkpoints

• Transaction date and advance treatment
• Cancellations/approvals related to the original invoice
• Exemptions and special regimes with supporting documentation

General ledger and monthly closing

Standard steps

1. Period locking in input systems
2. KIF/KUF reconciliations with the general ledger
3. Accounting posting (amortization, exchange rate differences, provisions)
4. Passage of "four eyes" and record of closure

Good practice

Define a calendar of deadlines and responsible persons; use checklists.

Reconciliations: customers, suppliers, banks and treasury

Customers and suppliers

Open items, aging and DSO; solutions for disputed items and approvals.

Banks and cash desks

Daily reconciliations with statements; control of cash and cash registers.

Fixed assets and depreciation

Property cards, categories and depreciation methods; records of procurement, expenditure and inventory with differences and minutes.

Inventory and material (if any)

Receipt/issuance, leveling, internal transfer, inventories and accounting-physical differences with documented reconciliations.

Management Reporting (KPI)

What management needs to see

• Income statement and balance sheet (monthly/quarterly)
• Cash‑flow overview (operational focus)
• KPI by segment (product, channel, project)
• DSO/DPO and top open items

Format

Short dashboard + comments and recommendations.

Checklist before closing the month

• Are the KIF/KUF and the general ledger reconciled?
• Are all bank/treasury items cleared?
• Are the customer/supplier open items correct?
• Are the calculations (amortization, provisions) posted?
• Is there a record of the closure and who approved it?

The most common mistakes and prevention

• Transaction date = invoice date without basis → bind to delivery/service
• VAT basis without proof → complete the documentation before posting
• Duplicates or omitted approvals → anti-duplicate and references
• Delay in closing → deadline calendar, SLA and "cut‑off" discipline

Security and archives

Digital archive with role access and audit trail; backup and retention policy. Compliance with ZZPL/GDPR and internal rules.

FAQ

Do you work in our software or yours?

We can do both — it depends on the scope and integration; the process and controls remain the same.

What does the transition from the previous accountant look like?

We download initial balances, codebooks and documentation; we arrange a "cut-off" without interruption.

How long is the monthly closing?

Typically 5-10 business days, depending on volume and up-to-dateness of incoming records.

Do you include VAT and income statement?

Yes — we do VAT and income calculation as part of accounting or as related services.

KPI and continuous improvement

Measure closing time, number of post-VAT corrections, percentage of reconciled items, and reporting accuracy. Based on trends, you introduce process corrections and automation.

Related Services (Internal Links)

• Accounting — service: https://fedra.rs/en/service/accounting/
• Income calculation: https://fedra.rs/en/service/income-statement/
• VAT consultations/calculation: https://fedra.rs/en/service/personal-income-tax/

Conclusion

When e‑Invoice, KIF/KUF and general ledger are consistently connected, and reconciliations and reports are regular, accounting becomes a predictable business engine. Standardize the steps, use checklists and KPIs — and the closing of the month passes without stress and corrections. FEDRA can set up and manage the entire process, from receiving the document to reporting to the administration.