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Month-End Close Checklist
General Ledger Reconciliation
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
Accounts Receivable
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
Accounts Payable
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
Fixed Assets
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
Financial Statements Preparation
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
