Workflow Templates: Monthly Financial Close checklist

Template Library Home

Start using this Workflow

Monthly Financial Close checklist

Reconciliations

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 and Adjustments

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.

Financial Reporting

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.

Accounts Receivable and Payable

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.

Inventory and Fixed Assets

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.

Compliance and Controls

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.

Use this template in Manifestly

Start a Free 14 Day Trial

Use Slack? Start your trial with one click

With Slack

Ready to take control of your recurring tasks?

Start Free 14-Day Trial

Use Slack? Sign up with one click

With Slack

Company

About
Product Roadmap
API Reference
Privacy Policy
Terms
Contact Us
Blog

Resources

Help
Getting Started Guides
Video Center
Demos
Your Account
Use Cases
Pricing

When you visit or interact with our sites, services or tools, we or our authorised service providers may use cookies for storing information to help provide you with a better, faster and safer experience and for marketing purposes.