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Should a credit show up it usually means an invoice was double charged to an account; the account must be adjusted so the budget is reflected correctly. Adjusting entries don't have a deadline, but they are preferably done by the 10th business day so that the adjusted trial balance can be run and checked for additional problems...
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A receivables department also works with the accounting department to ensure the income entries are correctly coded as well.
Monthly financial statements are run and distributed to budget managers once the adjusted trial balances are verified and approved. Because of carry over through each month and annual contracts paid once and distributed over time the budget is only closed once at the end of the year...
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