Operational Preparations

Here is a step y step guide on how to do the month-end closing from the operations perspective

1. Ensure all hours are reported and close time reporting

To make an accurate assessment of revenue, it’s important that all hours are reported.

• Go to Basics > Calendar > Time Reporting

In this view:

• Days where the employee has reached their expected work hours are marked in green.
• Days that are incomplete are marked in orange.
• If the employee has marked the month as done, a “Done” icon will appear.

‍Next step:

• Once everyone has reported their hours correctly, the month can be closed for reporting.
• This prevents further employees from submitting or moving hours.

2. Review Revenue and Expenses in Ongoing

At the end of the month, we need to determine how much of the budget should be recognized for that month.

Factors to consider:

• How far along is the project? (How many hours have been spent)
• How many purchases has been recieved?
• How much of the budget remains to be recognized in the project?

Full instructions for budget recognition: roughlyright.com/en/help/link-purchases-recognize-revenue

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3. Ensure all expenses are recorded

• Go to Time is Money > Control Expenses

• Verify that all costs have been entered correctly.

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4. Verify accruals

• Go to Time is money > Project Insights‍
• Ensure the accruals are correct.
• Reconcile all purchases in Time is money > Control Expenses

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5. Review project balances

Go to Time is money> Accumulated. Why this step is important:

• Detect errors and prevent the project’s liquidity from being affected.
• The file used by the accounting firm for booking balances is based on the Accumulated Revenue and Project Invoicing.
• This view also shows whether you are ahead or behind in invoicing:
  • Positive balance → Invoicing is ahead → Good liquidity in the projects
  • Negative balance → Revenue recognized before invoicing → Less favorable for project liquidity