Four weeks before the end of February
Decisions, not tasks.
Agree the cut-off calendar with finance, operations and your tax practitioner
Confirm stocktake method and dates, and freeze item master changes
Review open purchase orders and goods received not invoiced
Review aged debtors and decide on provisions
The last week
Transactions that must be in the right period.
Post goods receipts and shipments to the correct period
Post accruals and prepayments with a standard template
Run fixed-asset depreciation and review disposals and additions
Reconcile bank, credit cards and clearing accounts
Reconcile the VAT control account to the returns
Nómina
The employer reconciliation for the tax year drives the next three months.
Reconcile PAYE, UIF and SDL liabilities to the register and to EMP201 payments
Review leave balances and provisions
Prepare the EMP501 and certificates
Close and lock
Once reconciliations are signed off, lock the period.
Run the trial balance and review variances to prior year and budget
Post year-end adjustments and obtain practitioner sign-off
Lock posting periods and restrict access to the closed year
Archive the reconciliation pack and the cut-off evidence
Preguntas frecuentes
Does every company have a February year-end?
No. Companies choose their financial year-end; the February year-end is the individual and payroll tax year. Align your close to the dates that apply to you.
Can you run a review of our close process?
Yes. A close review is a short engagement that maps your close, finds manual steps and proposes fixes.
General information, not tax or legal advice. Rates, thresholds, due dates and filing rules change; confirm the current position with SARS, the relevant regulator or your registered tax practitioner before relying on it.
Last reviewed 2026-10-12