Monthly Close Process

Closing the books for creating monthly financial statements.

Post final accounts receivable entries

Post final accounts payable entries

Post final employee expense/payroll entries

Post other month-end entries (as required)

Complete depreciation journal entries

Prepare and post recurring monthly journal entries

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

Post nonstandard journal entries

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

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)

Complete bank reconciliations and post final cash

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

Draft revised financials

Draft revised footnotes and disclosures

Conduct comprehensive review of financials

Create and post final journal entries as required

Close general ledger and release financials for CFO signoff

Release financial statements (including appropriate footnotes and disclosures)

Begin management reporting and rolling budget cycle

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