The verdict in three sentences
An ad-hoc monthly close makes you rediscover everything each month: 6 to 8 hours of end-of-period panic. A fixed 8-step checklist turns the close into a 90-minute routine, whatever the month. For a MoMo merchant in Accra handling 800 transactions, the difference shows from the first cycle.
The 8-step checklist
Each step has an owner and a target duration. Order matters: export before matching, handle orphans before computing VAT, sign off last.
| # | Step | Owner | Target duration |
|---|---|---|---|
| 1 | Export statements (Wave, OM, MoMo) | Accountant | 10 min |
| 2 | Match sales / payouts | Accountant | 25 min |
| 3 | Flag orphan payments | Accountant | 10 min |
| 4 | Separate operator fees | Accountant | 10 min |
| 5 | Process refunds | Owner | 10 min |
| 6 | Compute VAT | Accountant | 10 min |
| 7 | Check vendor payouts | Owner | 10 min |
| 8 | Review and sign-off | Owner | 5 min |
What the close must capture
Beyond simple matching, the close must fold in the region's tax and operator specifics. In 2026, an MTN MoMo merchant must account for operator fees, local VAT and any levy on electronic transactions.
| Item | 2026 figure (order of magnitude) | To check |
|---|---|---|
| MTN MoMo fee | ~1 % per transaction | Deducted pre-payout |
| Settlement | T+1 typical | Month-end sales |
| VAT (Ghana) | 15 % standard | Base = net amount |
| E-transaction levy | Per country schedule | Separate line |
| Typical SME volume | ~800 tx/month | Matching load |
| Refunds | 0.5 to 1 % of tx | Revenue impact |
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Mini case study
Kofi runs an online grocery in Accra, with about 820 transactions a month via MTN MoMo and a second wallet. He used to close "when he had time", i.e. 7 hours spread over several days, with recurring VAT oversights. Adopting the 8-step checklist, each block has an owner and a timer: his June 2026 close took exactly 1 h 35. Gain: over 5 hours a month, and VAT computed right the first time, sparing him corrective filings.
FAQ
How long should a good monthly close take? For an SME handling around 800 transactions, a structured close fits in 90 minutes. Without a procedure, expect 6 to 8 hours and a high risk of VAT error.
On what base do I compute VAT on mobile-money sales? VAT is computed on the net sale amount, excluding operator fees. In Ghana, the 2026 standard rate is 15 %; applying VAT on the gross amount distorts your return.
Should I handle orphans before or after VAT? Before. An orphan payment (money received with no matching order) may be an unrecorded sale: attaching it before the VAT calculation avoids under-declaring your revenue.
Who should sign off the close? Final sign-off belongs to the owner, not the accountant who did the entry. This separation of duties, even in a small business, reduces errors and provides a trail in case of audit.
Let's talk about your project. We set up your mobile-money close checklist for a 90-minute routine. WhatsApp +221 77 596 93 33.
Mohamed Bah
Fondateur, Kolonell
Passionate about digital and entrepreneurship in Africa, Mohamed has been helping Sénégalese businesses with their digital transformation since 2020. Founder of Kolonell, he believes every SME deserves a professional and accessible online présence.
