Month-end close checklist Month: ____________ Close date: ____________ Done by: ____________ 1Before month end Send invoices for all work completed this month Collect receipts and pending expense reports Confirm payroll for the month has posted Set the close date and tell the team 2Cash Reconcile every bank account to its statement Reconcile every credit card to its statement Clear or explain uncategorized transactions Clear undeposited funds and old uncleared items 3Receivables and payables Enter every bill dated in the month Review the A/R aging and follow up on overdue invoices Review the A/P aging and note what is due next month Accrue work not yet billed and bills not yet received 4Payroll and liabilities Tie payroll liabilities to filings and payments Tie sales tax payable to the returns filed Tie loan balances to lender statements Check owner draws and personal items are coded correctly 5Adjustments Prepaid expenses and deferred revenue Depreciation and any new fixed assets Inventory or work in progress, if you carry it Reclassify anything posted to the wrong account 6Review and lock Compare profit and loss to last month and to budget, and explain big swings Scan the balance sheet for negative balances and stale items Deliver the reports to the owner Lock the period and list open items for next month
