What is the first step for closing out each month or period?

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The first step for closing out each month or period involves ensuring the accuracy of all financial transactions, which includes properly managing the sales and transactions from vending machines. Closing out all vending machines allows for a clear understanding of cash flow and sales figures during that period. This step is crucial because it reflects the operational status of vending services, ensures all revenue is accounted for, and prevents discrepancies.

While completing inventory counts, reconciling bank statements, and submitting financial reports are important subsequent steps in the closing process, they often rely on the accurate closure of vending machines and other cash-generating activities. Closing out vending machines provides essential data and sets the stage for more in-depth financial analysis and reporting, which is why it is considered the first step in the month-end or period-end closeout process.

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