Workflow Templates: Monthly Financial Close checklist

Reconcile bank statements to the general ledger.

Reconcile credit card statements and ensure all charges are accounted for.

Review and reconcile balance sheet accounts, including prepaid expenses and accrued liabilities.

Review trial balance for discrepancies and unusual account balances.

Post adjusting journal entries for accrued expenses, depreciation, and amortizations.

Analyze variances between actual and budgeted financial results and investigate significant differences.

Prepare the income statement, balance sheet, and cash flow statement.

Compile supporting schedules and notes for financial statements.

Distribute financial reports to management and necessary stakeholders.

Verify all invoices for the month have been entered and are accurate.

Confirm customer payments are recorded and applied correctly.

Ensure all vendor payments are processed and up to date.

Count physical inventory and reconcile to the inventory ledger.

Review fixed asset purchases and disposals during the month.

Update depreciation schedules and record depreciation expenses.

Ensure compliance with accounting policies and regulatory requirements.

Review internal controls for effectiveness and make changes if necessary.

Prepare for any upcoming audits by organizing relevant documentation and schedules.

Monthly Financial Close checklist