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Revaluation and reconciliation

Month-end close

Freeze the open-item population, obtain approved closing rates, post unrealised FX, reconcile every control account and lock the period only at zero unexplained difference.

Validate a close

Validation checks the figures; a different Finance user approves and locks the period

Close runOne attempt at closing a month. It restates open items, produces the close reports and must show no unexplained difference before a different Finance user approves it.

PeriodPeriod lockWhen a month-end close is approved, the accounting period is locked and nothing more can be posted into it.

Only periods that are still open can be closed. Periods close in order, oldest first. Validating again replaces the earlier run.

Closing dateClosing rateThe exchange rate at the end of a reporting period. Items still open at month-end are restated at this rate.

Always the last day of the period. Items recognised after it, and receipts, payments and reserve movements dated after it, wait for the next close.

Closing ratesRate evidenceThe stored record of where an exchange rate came from: the provider, quote direction, requested and used dates, retrieval time and a fingerprint of the provider's response. It cannot be changed once used.

Taken from the approved provider registry, with evidence kept for each currency.

Reporting pack (all nine are required)

Foreign-currency open itemsEvery open premium line and claim in its original currency, with the amount still outstanding.
Realised FXExchange gains and losses that became final this month when receipts and claim payments settled items.
Unrealised FXThe gain or loss from restating open items at the closing rate, shown by currency.
Premium controlPremium receivable in the subledger, agreed to the premium control account.
Claims controlOutstanding claim reserves in the subledger, agreed to the claims control account.
Binder cash-flow delayBinder fees that stay blocked because the rand remittance or the insurer's acceptance is still outstanding.
Rate exceptionsRates that came from a fallback provider or a manual override, with the reason for each.
Statement issue registerStatements of account issued in the period, with their versions and document fingerprints.
Subledger to GLSubledger totals reconciled to the general ledger control accounts. The close needs zero unexplained difference.

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Accounting periods

Closed periods are locked and cannot be silently edited

Period lockWhen a month-end close is approved, the accounting period is locked and nothing more can be posted into it.

October 2026 OPENOpen for posting · ends 31 Oct 2026
September 2026 OPENOpen for posting · ends 30 Sep 2026
August 2026 CLOSEDLocked by Thabo Approver on 05 Sep 2026

Close runs

Every validation is kept, with its snapshot fingerprint and the decision taken

No close runs yet

Each validation creates a close run that appears here.