Workflow Templates: Month-End Close Checklist

Verify all journal entries are posted

Reconcile all bank accounts

Match subsidiary ledger balances with general ledger

Ensure intercompany transactions are balanced

Check for any unusual or unexplained variances

Reconcile aged receivables report to general ledger

Verify all customer invoices are issued and posted

Review and adjust allowance for doubtful accounts

Confirm customer payments are applied correctly

Investigate and resolve any discrepancies

Ensure all vendor invoices are recorded

Reconcile accounts payable sub-ledger to general ledger

Review open purchase orders and match with invoices

Verify all payments are processed and posted

Check for any duplicate or overdue invoices

Update fixed asset register for acquisitions and disposals

Reconcile fixed asset sub-ledger to general ledger

Calculate and post depreciation expenses

Review and adjust for any impairments

Verify proper classification of capital expenditures

Prepare and review trial balance

Draft income statement and balance sheet

Compile cash flow statement

Ensure compliance with accounting standards

Obtain necessary approvals from management

Month-End Close Checklist