Workflow Templates for Accounting: Monthly Close Process

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Monthly Close Process

Closing the books for creating monthly financial statements.

Pre-Close

Post final accounts receivable entries

Post final accounts payable entries

Post final employee expense/payroll entries

Post other month-end entries (as required)

Day 1

Complete depreciation journal entries

Prepare and post recurring monthly journal entries

Begin preparing nonstandard journal entries (including intercompany, if applicable)

Day 2

Post nonstandard journal entries

Close subsidiary ledgers: fixed assets, payroll, A/P, and A/R

Day 3

Post remaining intercompany transactions (if applicable)

Review to ensure intercompany balances are zeroed out and eliminated

Draft first version of financials

Conduct preliminary review of financials (soft close)

Day 4

Complete bank reconciliations and post final cash

Post revenue, cost, and tax accruals (as required)

Draft revised financials

Draft revised footnotes and disclosures

Day 5

Conduct comprehensive review of financials

Create and post final journal entries as required

Close general ledger and release financials for CFO signoff

Day 6

Release financial statements (including appropriate footnotes and disclosures)

Begin management reporting and rolling budget cycle

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