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Most groups require subsidiaries to submit monthly figures within the first few working days of the following month. To complete the month-end close on time and accurately, an FDI company needs a fixed calendar by working day (WD), with clear owners and control points. Below is the 5-day calendar the accounting team at ACCA Consulting Vietnam typically applies; you can adapt it to your group's deadlines.
1. Why you need a fixed month-end close calendar
Without a calendar, the close tends to drag on while waiting for invoices, bank statements or payroll approval. The result is late group reporting or adjustments the following month. A fixed calendar ensures that:
- Departments (purchasing, sales, HR) know their deadlines for sending documents to accounting.
- Accounting has time to reconcile before closing, reducing adjustments the following month.
- Monthly figures are ready before the monthly value-added tax (VAT/GTGT) return deadline (the 20th of the following month) or the quarterly one, avoiding returns prepared on unclosed figures.
2. The WD1 – WD5 close calendar
| Day | Main tasks | Owner | Control point |
|---|---|---|---|
| WD-2 to WD0 | Remind departments to send invoices, payment requests and timesheets | General accountant | List of missing documents |
| WD1 | Download bank statements and record bank receipts and payments; download input and output invoices from the e-invoice system | Payments accountant | Bank balances agree with statements |
| WD2 | Record revenue, cost of sales, inventory movements; post payroll and insurance | Receivables/payables, inventory and payroll accountants | Revenue agrees with output invoices |
| WD3 | Accrue expenses, amortize prepaid expenses, depreciation, FX revaluation (if done monthly) | General accountant | Accruals schedule supported by evidence |
| WD4 | Reconcile intercompany balances, prepare the trial balance, analyze fluctuations | Chief accountant | Major fluctuations explained |
| WD5 | Prepare the reporting package, map accounts, submit to the group; lock the period in the software | Chief accountant, CFO | Approval before submission |
- WD1
Cash and invoices: the most reliable data foundation.
- WD2
Revenue, cost of sales, payroll: the largest items on the P&L.
- WD3
Period-end entries: accruals, amortization, depreciation.
- WD4
Reconciliation, analysis, explanation of fluctuations.
- WD5
Group reporting, period lock.
3. Control points you must not skip
A fast calendar without controls simply pushes errors into the next month. The points below should be signed off by the reviewer every month:
- Each bank account balance agrees with the statement in both original currency and VND
- Total revenue in the books agrees with output invoices; differences explained
- Input VAT meets deduction conditions; invoices of VND 5 million or more paid by non-cash means
- Intercompany balances with the parent and fellow group companies agree both ways
- Payroll agrees with PIT withholding and insurance (employer 21.5%, employee 10.5%)
- Large manual entries have a second reviewer
4. Tips to shorten the close with automation
No big project is needed. These small steps usually save significant time:
- Connect bank data to the accounting software (if the bank and software support it) instead of keying in statements manually.
- Download e-invoices in bulk and match them automatically against the supplier list, instead of opening each email.
- Template accrual schedules for recurring expenses (office rent, electricity, internet, service fees).
- A fixed account mapping table so the reporting package is generated from the trial balance; see mapping the VAS chart of accounts to the group.
- A data dashboard for fluctuation analysis; see also automating group reporting.
Illustrative example for a hypothetical FDI company with about 300 documents/month; not survey data.
View as table
| Manual | Automated | |
|---|---|---|
| Bank (WD1) | 10 hours | 3 hours |
| Invoices (WD1–WD2) | 12 hours | 4 hours |
| Period-end entries (WD3) | 8 hours | 5 hours |
| Reconciliation, analysis (WD4) | 10 hours | 7 hours |
| Group reporting (WD5) | 8 hours | 3 hours |
The example shows that most of the savings come from repetitive tasks (bank, invoices). Analyzing and explaining fluctuations still requires experienced people. When using AI tools, do not upload payroll or contract data to public tools.
5. Common month-end close mistakes
| Mistake | Consequence | Prevention |
|---|---|---|
| Not locking the period after submitting to the group | Figures get changed and no longer match the submitted report | Lock the period on WD5; reopening requires approval |
| Skipping accruals because invoices have not arrived | Monthly profit fluctuates abnormally | Accrue based on contracts, reverse when the invoice arrives |
| Intercompany balances differ due to exchange rates | The group has to eliminate manually | Agree exchange rates and recording dates with the parent |
| Preparing tax returns from unclosed figures | Supplementary returns required | Prepare returns after the period is locked |
FAQ
Does a small company need to close in 5 days?
It is not mandatory. But FDI companies with group reporting should have a fixed calendar; companies with few transactions can use a 3-day calendar.
Does FX revaluation have to be done every month?
The accounting regime requires it at the financial reporting date. Many groups require it monthly so that management figures stay close to reality.
Can an outsourced provider meet a WD5 deadline?
Yes, if the contract clearly states the calendar, the company's document deadlines and SLA metrics. See the article on SLAs in accounting service contracts.
How should invoices arriving after the period is locked be handled?
If an accrual was made, record the invoice and reverse the accrual in the next period. If not, assess materiality to decide which period to record it in.
Close on the group's deadline every month
ACCA Consulting Vietnam sets up the close calendar, control checklists and bilingual reports for FDI companies. Contact our accounting services team in Ho Chi Minh City for advice.
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