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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.
