Exit Test

An exit test is a specific check or set of conditions used to confirm that an accounting stage is genuinely complete. It ensures that the required work has been performed, the information has been reviewed, and no important unresolved issues remain.

• Bank reconciliation stage: All bank transactions have been recorded, and the book balance matches the bank statement.
• Accounts payable stage: All known supplier invoices with a delivery date on or before the end of the month have been received and entered into the accounting system.
• Revenue stage: All sales for the month have been recorded and reviewed. The contract income register, including installment plans, has been reconciled with the income general ledger.
• Final review stage: No unexplained differences remain, and all required approvals have been completed.